Ethereum has surged 6.6% in the past 24 hours, marking one of its most significant rebounds in recent months. The second-largest cryptocurrency is now showing gains across all time frames, with a 41.4% increase since April 2025, fueling speculation that the $3000 price target may be within reach.

Is Ethereum On Its Way To Reclaim $3000?

Ethereum’s (ETH) big price surge comes amid a two-week ceasefire between the US and Iran. Iran has agreed to completely reopening the Strait of Hormuz, which had become a focal point of the conflict. The ceasefire has led to a substantial surge in investor sentiment, with the global crypto market cap has risen 3.6% in the last 24 hours to $2.52. Bitcoin (BTC) has reclaimed the $71,500 price level, bringing the entire market along with it.

BREAKING:US and Iran agree to 2-week ceasefire, completely reopening Strait of Hormuz.

Given the geopolitical stability that the ceasefire has brought, there is a chance that the Ethereum (ETH) and the larger cryptocurrency market will continue its upswing over the coming days. We may see an increase in risk appetite among market participants.

However, Bitcoin (BTC) could face some resistance around its current price level. BTC faced rejection at the $72,000-$73,000 price level on multiple occasions over the last few months. If a similar pattern unfolds, Ethereum (ETH) could also face a price consolidation or a correction.

CoinCodex analysts are quite bullish on Ethereum (ETH) over the coming months. The platform anticipates ETH to breach the $3000 mark by May 24, 2026. CoinCodex further predicts ETH will hit $4059 on July 4, 2026. Hitting $4059 from current price levels will entail a rally of nearly 82%.