Ethereum price today: $2,070
- Ethereum surged 15% after President Trump announced that the US and UK have reached a trade agreement.
- On-chain data shows ETH saw increased buying pressure, causing it to outperform other cryptocurrencies in the top 10.
- ETH eyes the $2,100 resistance after reclaiming the $2,000 psychological level.
Ethereum (ETH) is up 15% on Thursday, reclaiming the $2,000 psychological level following bullish sentiments surrounding the US-UK trade agreement. On-chain data shows investors are heavily accumulating ETH, with global trade war tensions gradually softening.
Ethereum rallies on US-UK trade agreement
Ethereum surged 15% on Thursday, outperforming other cryptocurrencies in the top 10 after the US and UK reached a “full and comprehensive” trade agreement.
The trade deal involves a reduced baseline tariff of 10%, exempting aluminum and steel from any levies. Trump also highlighted that the US is in advanced stages of negotiations with many other countries.
Ethereum, which saw a significant decline in Q1 after President Trump began slapping tariffs on international trading partners, has been gradually recovering since the last week of April.
Following the rise, institutions and whales are showing preference for the top altcoin. Digital asset investment firm Abraxas Capital bought 49,644 ETH leveraging Binance and Kraken, according to data from on-chain alerter Lookonchain.
The buying pressure is evident in Ethereum’s exchange reserve, which has reduced by 132,000 ETH in the past four days, stretching its total decline to 323,000 ETH since April 24. A decline in an asset’s exchange reserve indicates rising buying pressure.
Ethereum Exchange Reserve. Source: CryptoQuant
A similar bullish sentiment is noticeable in the derivatives market, where Ethereum’s open interest (OI) surged to 12.08 million ETH or $25.04 billion, per Coinglass data. Open interest is the total amount of unsettled contracts in a derivatives market.
The price growth in ETH closely aligns with Bitcoin’s, which crossed the $100,000 mark for the first time since February 7. Stocks also showed signs of a rally, with the S&P 500 and Nasdaq-100 gaining over 1% on Thursday. This underscores the crypto market’s rising correlation with stocks and macroeconomic factors.
ETH’s recovery comes after the successful Pectra upgrade on Wednesday, which introduced several features to the Ethereum main chain. Developers are now working toward launching the next upgrade, Fusaka, by the end of the year.
Meanwhile, the Ethereum Foundation (EF) announced it awarded $32.64 million in grants to several Ethereum ecosystem projects in Q1 ‘25. The funded projects aim to improve Ethereum in key areas, including community and education, consensus layer, cryptography and zero knowledge proofs, developer experience and tooling, execution layer and protocol growth and support.
Ethereum Price Forecast: ETH reclaims $2,000, eyes 100-day SMA resistance
Ethereum saw $188.04 million in futures liquidations in the past 24 hours, per Coinglass data. The total amount of liquidated long and short positions is $21.29 million and $166.75 million, respectively.
ETH surged nearly 15%, briefly reclaiming the $2,000 psychological level. The rally came after bulls defended the support at $1,800 — strengthened by the 14-day Exponential Moving Average (EMA) and 50-day Simple Moving Average (SMA) — on Wednesday.
ETH/USDT daily chart
If ETH holds the $2,000 psychological level as support, it could test the key resistance range between $2,100 and $2,250, strengthened by the 100-day SMA. A firm move above this range could mark the beginning of a recovery for the top altcoin.
The Relative Strength Index (RSI) and the Stochastic Oscillator (Stoch) are in the overbought region, signaling heightened bullish momentum. Both technical indicators in the overbought region also leave room for a potential short-term correction.
