Ethereum Price Soars 40% Post-Petra, Pulls BTC to $104K – New Highs Soon?
Stocks and Cryptos Climb as Global Risk Sentiment Improves, Led by Ethereum after the Petra Upgrade, Followed by Bitcoin and XRP.
Quick overview
- A surge in global risk appetite has led to significant gains in cryptocurrencies, with Ethereum rising nearly 20% to surpass $2,000.
- The rally was bolstered by Ethereum's successful Petra upgrade and a decrease in exchange reserves, indicating increased buying interest.
- Bitcoin also saw a boost, climbing over 6% to exceed $103,850, supported by a new UK-U.S. trade deal that reduces tariffs.
- Overall, the resurgence in market confidence reflects a shift in sentiment towards risk assets, with hopes for continued positive developments.
Stocks and Cryptos Climb as Global Risk Sentiment Improves, Led by Ethereum after the Petra Upgrade, Followed by Bitcoin and XRP.
Ethereum Surges After Technical Breakthrough and Trade Boost
Ethereum (ETH) mounted a powerful rally, rising by nearly 20% to reclaim and surpass the $2,000 threshold. The move marked a $400 daily gain and pushed prices beyond $2,200, capping a dramatic reversal from months of selling pressure. For much of the year, Ethereum had been in a sustained downtrend, having dropped from a January high of $3,634 to a low of $1,475 in early April. That decline had mirrored a broader flight from risk assets, sparked by new U.S. trade tariff policies and global uncertainty.
The rally was supported by the successful rollout of Ethereum’s Petra upgrade earlier in the week, which introduced several key enhancements to the blockchain’s mainnet. The upgrade was well received, improving investor confidence just as broader market sentiment also turned positive.
Ethereum Chart Weekly – Buyers Test the 200 SMA
Fueling this recovery, Ethereum’s exchange reserves fell by 132,000 ETH in the past four days, extending the total drop since late April to 323,000 ETH . This decline in exchange-held supply typically signals growing buying interest, as investors move tokens off trading platforms and into storage.
At the same time, the swift rally forced a wave of liquidations in the derivatives market. More than $188 million in Ethereum futures positions were wiped out in 24 hours, with short sellers bearing the brunt—losing over $166 million. The sharp unwind highlights how quickly sentiment flipped from bearish to bullish.
Bitcoin Reclaims $100K as Sentiment Improves
BITCOIN (BTC) joined in the rally, climbing over 6% to top $103,850—marking its first trip above $100,000 since February. The move extends a recent period of quiet strength, in which Bitcoin resisted deeper losses even as other assets struggled.
Sentiment was lifted by news of a finalized UK-U.S. trade deal that includes a 10% reduction in baseline tariffs and eliminates levies on steel and aluminum. The agreement is widely viewed as a breakthrough in global trade relations, easing tensions and signaling a more cooperative phase of diplomacy. Optimism also grew after President Trump expressed confidence about future negotiations with China and publicly encouraged investors to buy equities.
BTC Chart Daily – Heading for new Record Highs
This improving macro backdrop helped lift risk assets across the board, from stocks to digital currencies. Market watchers are now looking ahead to the weekend for further developments, with many hoping for additional clarity or announcements that could sustain the rally.
A Crypto Endorsement Adds Fuel
In an unexpected twist, reports also emerged today that prominent members of the Zero Hedge financial blog had recently purchased Bitcoin from El Salvador—one of the most vocal state-level supporters of the cryptocurrency. The symbolic transaction adds yet another layer of visibility and support to Bitcoin’s growing global role.
Conclusion: Crypto Climbs Alongside Markets as Confidence Returns
Today’s breakout moves in Ethereum and Bitcoin reflect a broader resurgence in market confidence, supported by technical strength, key blockchain upgrades, and geopolitical developments. As traditional financial markets stabilize and optimism grows around trade diplomacy, cryptocurrencies have once again positioned themselves at the front of the risk rally. The coming days will be critical to see if this renewed momentum can hold—or evolve into a broader trend.
Ethereum Live Chart
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