5 min readBitcoin has climbed above $78,000, reaching an 11-week high after President Trump announced an indefinite extension of the US-Iran ceasefire.
The largest cryptocurrency is up around 3% over the past 24 hours, while Ethereum has gained roughly 3.1% over the same period. The total crypto market capitalisation has risen by about 2.65% to $2.63 trillion.
While the ceasefire extension has supported risk sentiment, uncertainty remains over whether Tehran will formally accept the terms. The US continues to enforce a naval blockade on Iranian ports, with the Strait of Hormuz effectively closed. Reports that two vessels were fired upon—allegedly linked to Iran’s Islamic Revolutionary Guard Corps—underscore the fragility of the situation.
Despite Brent crude rising toward $100 per barrel, risk assets—including equities and cryptocurrencies—continue to rally on expectations that the conflict will end soon, even if inflation risks increase in the near term.
US Treasury yields are little changed, with the 10-year yield holding near 4.3% on Wednesday, as investors monitor geopolitical developments. Stable yields have provided a supportive backdrop for risk assets, with US equities near record highs and crypto continuing to gain ground.
Bitcoin has outperformed traditional assets over the past month, advancing more strongly than the S&P 500 and gold. The rally is being supported by improving macro conditions, steady institutional inflows, and optimism surrounding greater regulatory clarity. A sustained move above $78,000 could open the door to $80,000 and $85,000 levels.
Ethereum follows higher as on-chain and institutional flows improve
Ethereum is tracking Bitcoin higher. The broader risk-on environment is supportive, while on-chain metrics are also turning more constructive.
Large holders (“whales”) appear to be accumulating rather than distributing. Wallets holding more than 10,000 ETH added nearly 700,000 ETH between Thursday and Monday. Notably, BitMine Immersion Technologies—an Ethereum treasury firm—acquired over 100,000 ETH last week.
Blockchain data also shows declining exchange reserves, with balances falling by roughly 458,000 ETH since Thursday. This typically signals reduced selling pressure and can point to further upside in the near term.
Institutional demand is also strengthening, with spot Ethereum ETFs recording eight consecutive days of inflows, totalling approximately $493.7 million. This trend could provide additional support for prices.
Ethereum – Technical analysis
Ethereum has been trading within a rising channel since early February and recently broke above a multi-month descending trendline, reaching a high near $2,465 before easing slightly. The broader outlook remains constructive.
A move above $2,500—near the 23.6% Fibonacci retracement of the $4,955 high to the $1,740 low—would reinforce bullish momentum. Above that, resistance is seen at the 200-day moving average near $2,841, followed by the $3,000 psychological level.
On the downside, initial support sits at $2,150 (50-day moving average), followed by $2,050, where the lower bound of the rising channel converges with the prior trendline. A break below $1,937 (March low) would create a lower low.
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