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Ethereum has surpassed the $3,000 threshold for the first time since February, propelled by the renewed momentum permeating the wider cryptocurrency market.
As per data from CryptoSlate, ETH‘s price reached a high of $3,033 in the last 24 hours, reflecting a 9% increase. However, its value has slightly decreased to $2,991 at the time of reporting.
This achievement follows Bitcoin’s remarkable surge to a new all-time high exceeding $118,000, which has rekindled interest in risk-oriented digital assets.
While this momentum has contributed to Ethereum’s ascent, the second-largest cryptocurrency is also supported by notable on-chain developments and investor engagement.
What is driving ETH’s price increase?
On-chain data indicates that ETH reserves on centralized exchanges have dropped to a historic low of 18.59 million, limiting the available supply. Concurrently, staked ETH has risen to an unprecedented level of 29.91 million.
Ethereum Key Metrics (Source: X/Leon Waidmann)
Together, these trends suggest a classic supply squeeze, where a reduced circulating supply of ETH and increased staking can heighten upward price pressure.
Additionally, Ethereum continues to strengthen its position within digital asset infrastructure. In Q2 2025, Ethereum facilitated over $4 trillion in stablecoin transfer volume—marking a record for the network.
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Furthermore, institutional interest is on the rise, with Ethereum’s applications in tokenization, crypto treasuries, and ETF flows contributing to enhanced market confidence.
In light of this, crypto analyst Pentoshi remarked:
“[ETH] is still very early to this trade. I don’t 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 significant movements. All we have to do is do nothing.”
Notably, Arthur Hayes, the former CEO of BitMEX, also holds an optimistic view regarding Ethereum’s future. Hayes has forecasted that ETH will outperform Bitcoin in the upcoming months, indicating that a “monster alt season” is imminent.
Is the Ethereum Foundation selling ETH?
In the midst of ETH’s rally, a crypto wallet associated with the Ethereum Foundation (EF) has generated controversy by liquidating $3.5 million worth of ETH.
According to Lookonchain, the wallet sold 1,210 ETH on July 10, executing several transactions at an average price of $2,890 per ETH.
Meanwhile, Hsiao-Wei Wang, co-executive director of the Ethereum Foundation, clarified that the Foundation was not responsible for the sale.
Instead, the transaction was carried out by Argot Collective, a non-profit development organization that originated from the Ethereum Foundation.
The post Ethereum Foundation denies selling assets amid ETH’s climb past $3,000 appeared first on CryptoSlate.
