ETH Price Skyrockets as U.S.-Iran Tensions Ease

Ethereum (ETH) is leading the pack in cryptocurrencies, gaining 23% in the past 30 days. Trading volumes surged by 190% to $13 billion in a single day, accounting for nearly 5% of its circulating market cap.

This increase in buying pressure comes after Ethereum confirmed a bullish breakout above a key resistance level. The recent spike in short liquidations, reaching $239 million, indicates an ongoing short squeeze. Ethereum's liquidations alone have hit $116 million, more than doubling those of Bitcoin (BTC) during this period.

The market is expecting another ceasefire agreement between the U.S. and Iran after reports indicated that negotiations are resuming. Oil prices have retreated from a recent peak of $94 to $83 in the past few days.

An on-chain metric, the MVRV Ratio, has made a triple bottom after hitting the same level it reached in March 2025, when ETH bottomed at around $1,400. This provides further evidence that ETH could be about to make a strong comeback.