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Will ETH Price Hit $3K After 8% Rally? Check Why Ethereum Is Going Up
Ethereum price jumped sharply today. Right now, $ETH is trading at around $2,663.62, which is 8.78% higher than yesterday. Also, more people are trading this altcoin — the 24-hour trading volume has crossed $36.64 billion, up by 13.26% from yesterday, as per <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">CoinMarketCap price chart</a>.
<img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfhZjTbFHdlSPgckCez-iBIiQPsMq0diEwl9GOOcxrRoV4JoBfYklc5EvEJkynHlAkl513N64Av44IsxrMIEdWYd3sYYz3FFKy2Y-pA7fChh4zyZ6lyiGUuKU2OGz32AaIaEBuP?key=-Ne8tYHemkobEc7RRjhNgg">
Source: CoinMarketCap
This shows that there’s a lot of excitement around this token. But the real question remains: <a href="https://www.coingabbar.com/en/crypto-currency-news/ethereum-price-surge-pectra-upgrade-fomc-whale-buy" rel="noopener noreferrer nofollow">why Ethereum is going up today</a> and what will be ETH price prediction?&nbsp; Here’s what;s really happening with this coin
Why Ethereum Is Going Up Today? 2 Major Reasons
1. Whale Alert: Abraxas Capital Buys $561M in ETH
In the Ethereum latest news today, One of the main reasons for the price hike was unveiled. A huge investment by Abraxas Capital, a large finance firm. They just purchased a massive quantity of this token — approximately 242,652 ETH, which is equivalent to about $561 million.
<img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcuv22y6Dv1NHrHnE9rXpD9DDN6VFVV5tpc0GH12f2nDIJRfRC708JmMAZj32lU-KE4-Bla9Xac45jH2WWLR4GzRIZs2hE638z2t2NGKT8L7lb0TTQNlXDG-eyYiKiPrze9_sdjUQ?key=-Ne8tYHemkobEc7RRjhNgg">
Source: Lookonchain
They began purchasing when the price was approximately $2,460 and continued purchasing as the price increased. These were purchased with borrowed USDT (a stablecoin). Statistics according to Lookonchain indicate that $ETH was transferred from Binance wallets to Abraxas Capital's wallets numerous times.
Being a crypto analyst, I highly bet that when a big investor buys such a large amount of any cryptocurrency, it sends the price flying.
2. <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">Ethereum Liquidation Map</a>: $366M Wiped, Shorts Crushed
Another thing that happened in&nbsp;today's news is a wave of crypto liquidations. In simple terms, when the market moves quickly, traders who use leverage can lose money fast. As per 24 hours analysis:
<img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdNROV9zJPr4_CN59JchxkP-ceuLHmRpCNPD7WTenO-yxY52OjIwMCG0yL5ktDUjCn8Oh0uuaNmyAJgFoLKKoyFOENWv_tmBC3K_TnSLvKxy4_PdQvABNR3IFeGuGEZTOIAgRtLbg?key=-Ne8tYHemkobEc7RRjhNgg">
Source: Liquidation Map
<ul>
 <li>More than $366 million was liquidated in aggregate</li>
 <li>$502,200 of this tokens&nbsp;alone was liquidated</li>
 <li>Longs (bullish bets): $282,910</li>
 <li>Shorts (bearish bets): $219,290</li>
</ul>
The largest single loss occurred on Binance, where a $12.2 million tokens trade was liquidated
This indicates that a lot of individuals were betting for and against ETH. But because more short positions were liquidated, it is an indication that the&nbsp;price increased beyond expectations. This tends to create more positive energy in the market.
<h4><a href="https://www.coingabbar.com/en/price-prediction/eth-price-crash-why-ethereum-is-going-down-and-will-it-recover" rel="noopener noreferrer nofollow">Ethereum Price Prediction Today </a>: What’s Next?</h4>
Now that it has crossed $2,700, people are asking what will happen next in $ETH price prediction.
So, If it&nbsp;can stay above this level, the next possible target is between $2,850 and $2,950. But if it falls below $2,550, there could be a small drop before it rises again.
So far, the market looks strong. Traders are hopeful that it can move even higher in the short term.
<h4>Conclusion: Bullish Momentum With Caution</h4>
<a href="https://www.coingabbar.com/en/crypto-currency-news/ethereum-price-prediction-60-percent-rally-latest-news" rel="noopener noreferrer nofollow">Ethereum price rally </a>due to two major reasons — whale purchases and short position liquidations. Both of these occurrences indicate that a lot of individuals think that it has further space to rise.
But don't forget, the crypto market is volatile. It's crucial to monitor major price levels. If ETH remains above $2,700, it may soon be testing the $3,000 level. Otherwise, we could see a slight drop before another upsurge.
Presently, its&nbsp;price prediction trends seem solid, and most are observing it keenly for its next move. Visit- <a href="https://www.coingabbar.com/" rel="noopener noreferrer nofollow">CoinGabbar</a>

Why Ethereum Is Going Up Today? 2 Reasons Behind $ETH Price Rally

Coin_Gabbar

Other articles published on May 14, 2025

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