The cryptocurrency market has once again experienced significant fluctuations. The price of Ethereum (ETH) has risen strongly and successfully broken through the $2,600 mark. According to the latest market data, ETH is currently quoted at $2,600.28, with a 24-hour increase of 1.33%.
In the recent cryptocurrency market, ETH has performed particularly outstandingly. Its price has been climbing all the way from the low point, showing a strong upward momentum. This breakthrough of $2,600 not only represents a further continuation of the recent price trend but also reflects that the market’s demand and optimism towards Ethereum are continuously heating up. From a technical perspective, Ethereum has undergone a series of technical upgrades and optimizations recently. For instance, the Pectra upgrade successfully implemented on May 7th introduced significant improvements including higher staking limits and account abstraction (IP-7702 standard), significantly enhancing the ease of use and flexibility of the Ethereum network. It provides strong technical support for the price increase.
From the perspective of market supply and demand, on the one hand, as the application of Ethereum in decentralized finance (DeFi), non-fungible tokens (NFTS), and other fields continues to expand, it has attracted more and more investors and developers to enter the Ethereum ecosystem, and the demand for ETH has been continuously increasing. On the other hand, “whale” addresses holding large amounts of ETH have also been active recently. On-chain data shows that “whale” addresses holding over 10,000 ETH have quietly carried out large-scale strategic increases in their holdings previously. The total supply of ETH held by these large entities has risen to the highest level since March 2025, exceeding 40.75 million ETH. The continuous fundraising behavior of the “giant whales” has greatly affected the balance of market supply and demand, pushing up prices.
However, it should be noted that the cryptocurrency market has always been known for its high volatility. Although ETH is currently performing strongly, the market environment is complex and volatile, and multiple factors may lead to a price correction. Macroeconomic conditions, changes in regulatory policies of various countries, and other sudden market news, etc., may all have a significant impact on the price trend of ETH. For instance, the instability of the global economic situation may prompt investors to reevaluate their risk asset allocation. If investors’ risk appetite declines, they might reduce their investment in cryptocurrencies. Meanwhile, the tightening of regulatory policies on cryptocurrencies in some countries may also limit market trading activity and thereby affect prices.
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