Ethereum Taps $4,600 as Bulls Set Sights on $6K

Ethereum’s ( ETH) price climbed past the $4,600 mark Tuesday, hitting an intraday peak of $4,629 per token on Deribit. Over the last 24 hours, ether gained 8% against the U.S. dollar and is up nearly 28% for the week.

ETH Blazes to $4.6K, Just 7% Away From Historic High

The rally shows no sign of slowing. Since Jan. 1, 2025, bitcoin (BTC) has advanced more than 28%, while ethereum has notched more than a 38% gain in the same period. At press time at 4:22 p.m. Eastern time, on centralized exchange Deribit, ether was trading at $4,604, giving the asset a $549 billion market valuation. It’s now within striking distance of its Nov. 10, 2021, record high of $4,878—less than 7% away from reclaiming that milestone.

From Sept. 10, 2022, when ETH was valued at 0.082 BTC, its price tumbled to 0.019 BTC by April 19, 2025. Since that low, though, it has rebounded sharply, doubling to 0.038 BTC. During the slump, ethereum faced stiff competition from networks such as Solana, while even bitcoin began encroaching on ETH-led sectors like non-fungible tokens (NFTs) and decentralized finance (DeFi).

Ethereum Taps $4,600 as Bulls Set Sights on $6K

Now, ethereum is starting to chip away at bitcoin’s lead in exchange-traded fund (ETF) inflows and corporate treasury holdings. With Tuesday’s price climb, ETH saw roughly $144.55 million in liquidations, including $107.19 million from ether short positions alone. By 4:22 p.m. Eastern time, ETH topped the day’s $375.74 million total in liquidations. On X, a growing chorus of users is predicting ethereum will push much higher.

“Ethereum ETFs just pulled in a whopping $5.39 billion in July! With the SEC’s green light on in-kind creations and redemptions, ETH is gearing up to hit $6K. Bitcoin, you’ve been warned,” one X user declared Monday. Another chimed in, “ ETH is poised to hit $6K–$7K faster than most anticipate.” Overall sentiment toward ethereum remains bullish, fueled by factors such as ETFs, growing institutional adoption, and key technical breakouts. Many believe a price between $6,000 and $10,000 per ETH is within reach.