Ethereum Tops $2,800 as Bitcoin Rally Lifts the Market
Ethereum jumped 6% in the past day, pushing past $2,800 for the first time in weeks. The move came as Bitcoin surged to a fresh all-time high above $112,000, dragging the rest of the crypto market along with it.
It’s not entirely surprising—when Bitcoin makes a big move, Ethereum tends to follow, though not always in lockstep. This time, though, ETH kept pace, hitting $2,821 early Thursday. Trading volume spiked, too, up nearly 70% to almost $30 billion. That kind of activity usually means more than just retail traders are getting involved.
Whales Are Stacking ETH—Again
What’s interesting here isn’t just the price action. Big players seem to be loading up on Ethereum. One wallet linked to Abraxas Capital pulled nearly 30,000 ETH (worth around $81 million) off Binance and Kraken in the last 12 hours. Another scooped up 25,000 ETH from Kraken.
Then there’s SharpLink Gaming, which already holds a staggering 205,634 ETH. They added another 5,072 tokens to their pile—roughly $13.5 million worth. When wallets like these start moving, it’s usually a sign that institutions or deep-pocketed traders see something brewing.
But here’s the thing: it’s not all smooth sailing.
Liquidations Hit $500 Million as Shorts Get Crushed
The rapid price jumps caught a lot of traders off guard. Over half a billion dollars in leveraged positions got wiped out, with Ethereum accounting for about $156 million of that. Most of those were shorts—people betting against the rally—who got squeezed hard.
One trader, @qwatio, reportedly lost over $16 million after a series of liquidations on BTC and ETH shorts. Ouch. That’s the kind of wipeout that makes you rethink your life choices.
Still, despite the carnage, the broader mood isn’t entirely grim. Institutional money keeps flowing into crypto ETFs, and stablecoin reserves suggest there’s still plenty of demand waiting on the sidelines.
What’s Next for Ethereum?
Right now, ETH has solid support around $2,500. If it can hold above that, the next test is $2,850. Break past that, and $3,000 is in play. After that? Well, the all-time high near $4,900 starts looking a lot closer.
Of course, none of this is guaranteed. Crypto moves fast, and sentiment can flip on a dime. But for now, Ethereum’s riding Bitcoin’s coattails—and the whales seem to think there’s more room to run.
