Ethereum has surged past the $3,000 mark for the first time since February, riding on the renewed momentum sweeping across the broader crypto market.
According to CryptoSlate data, ETH’s price peaked at $3,033 during the last 24 hours amid a 9% increase. However, its value has slightly retraced to $2,991 as of press time.
While this momentum has partially fueled Ethereum’s rise, the second-largest crypto is also backed by significant on-chain developments and investor activity.
On-chain data reveals that ETH reserves held on centralized exchanges have fallen to an all-time low of 18.59 million, reducing the available supply. At the same time, staked ETH has climbed to a record high of 29.91 million.
Combined, these trends point toward a classic supply squeeze, where less circulating ETH and increased staking can amplify upward price pressure.
Moreover, institutional demand is also rising, with Ethereum’s use in tokenization, crypto treasuries, and ETF flows helping to drive market confidence.
“[ETH] is still very early to this trade. I dont know if it will be today, tomorrow, or next month. But I think we are going to look back at what is right in front of your eyes and think. I can’t believe it was so obvious. The amount of capital starting to flow into eth, will lead to big moves. and all we have to do, is do nothing.”
According to Lookonchain, the wallet sold 1,210 ETH on July 10, executing multiple transactions at an average price of $2,890 per ETH.
Instead, the sale was made by Argot Collective, a non-profit development organization that is a spin-off of the Ethereum Foundation.
