Ether has taken the lead among its cryptocurrency counterparts today, climbing 8.1% in the last 24 hours to reach $2,380. The asset has reached its highest trading point since February 2, following a rapid decline from $3,000 within just a few days. Santiment disclosed on Tuesday morning that there has been a 5.5% increase in the number of Ethereum whale wallets holding a minimum of 100,000 ETH over the past week.
Fundstrat’s Tom Lee reports that ETH has emerged as the top-performing asset since the onset of the Iran conflict, boasting a 17.4% increase. This performance surpasses the S&P 500 by 1830 basis points and outshines gold by 2,743 basis points. ETH is currently maintaining its gains, trading at approximately $2,375. However, it continues to operate within a rangebound channel that has persisted for two and a half months. A breakout above $2,400 is necessary for any significant upward movement.
Crypto investors are closely monitoring the recent developments from the Middle East, where President Trump has announced a US military blockade of Iranian ports and issued warnings to any Iranian vessels that come near. The recent surge has contributed approximately $100 billion to the overall market capitalization, reaching a four-week peak of $2.6 trillion. Swissblock has announced that its “Risk Index has now transitioned into low risk for the first time since mid-March. That indicates that bulls are beginning to take control over sellers.”
Ethereum emerged as the top performer among high-cap cryptocurrencies, while Bitcoin saw a 4.7% increase on the day, climbing to $74,800, where it encountered resistance once more. BTC continues to trade within its sideways channel and, absent any additional momentum, is expected to face rejection at this level. In contrast, altcoin movements were relatively subdued, yet notable daily gains were observed in Solana, WhiteBIT Coin, Hyperliquid, Chainlink, and Sui.