Ethereum (ETH) has reclaimed the $2,700 price level for the first time since January 2026, rallying 9.2% in the last week and 13% over the last month, according to data. The broader market also rose, with Bitcoin (BTC) climbing to the $85,000 mark. The rally defied bearish conditions including the US Senate voting against the pro-cryptocurrency CLARITY Act and a Federal Reserve interest rate hike. A recent dip in oil prices may be fueling the upswing, but risks such as potential US-Iran escalation remain.
Ethereum (ETH) has reclaimed the $2,700 price level for the first time since January 2026. According to data, ETH’s price has rallied by 9.2% in the last week and 13% over the last month. Bitcoin (BTC) also climbed to the $85,000 mark amid a market-wide resurgence.
The rally is rather perplexing given largely bearish market conditions. The US Senate voted against the highly anticipated pro-cryptocurrency CLARITY Act, and the Federal Reserve raised interest rates by 25 basis points to combat rising inflation.
Both developments should have led to a market dip, but Ethereum and the larger market are defying the trend. The upswing could be due to a recent dip in oil prices, as investors may anticipate inflation cooling off if energy prices go down.
Ethereum last traded above the $3,000 mark in January of this year. It is unclear if the rally can sustain itself, as bearish forces remain strong and President Donald Trump has discussed potentially escalating the US-Iran war. A re-escalation could cause energy prices to skyrocket and inflation to follow, potentially barring the cryptocurrency market from gaining momentum.
