Ethereum Surges to 10-Week High in $100B Crypto Market Rally

Ether has outperformed its crypto brethren today, surging 8.1% over the past 24 hours to hit $2,380 in early trading in Asia on Tuesday morning. It is the highest the asset has traded since February 2, just after it crashed from $3,000 in a couple of days. Santiment reported on Tuesday morning that the number of Ethereum whale wallets holding at least 100,000 ETH has jumped 5.5% in the past week.

“You can expect a level of correlation with price when this number grows, and there is strong justification that the #2 market cap can continue its rise.”

🐳 The number of Ethereum wallets holding at least 100K $ETH has jumped from 54 to 57 in the past week. You can expect a level of correlation with price when this number grows, and there is strong justification that the #2 market cap can continue its rise. pic.twitter.com/bYYHoY4Y5M

— Santiment (@santimentfeed) April 13, 2026

Markets Rally on Iran Deal Hopium

According to Fundstrat’s Tom Lee, ETH is the best-performing asset since the start of the Iran conflict, gaining 17.4%, outperforming the S&P 500 by 1830 basis points, and gold by 2,743 basis points. ETH is holding onto its gains at the time of writing, trading around $2,375, but it remains within a two-and-a-half-month-long rangebound channel and needs to break above $2,400 to see any serious gains. Crypto investors are reacting to the latest news from the Middle East that President Trump has initiated a US military blockade of Iranian ports and threatened any Iranian ships that approach. However, he also said on ‌Monday that Iran wants to make a deal. US Vice President JD ⁠Vance said in ​an interview with ​Fox News that the US expects Iran ​to ​make ⁠progress on opening the Strait ​of Hormuz, adding the ‌ball ⁠was in Iran’s court.

Progress = good

— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat)