Ethereum Price Surges Amid Oil Rally, Reaching New Highs

Ethereum's price has experienced a significant increase as oil prices soar past $100 per barrel, reigniting inflation fears. The US-Iran war escalation has also contributed to the surge in oil prices, which has had a positive effect on cryptocurrencies.

The latest market outlook indicates that Ethereum is eyeing a crucial move to highs of $2,300 as broader cryptocurrencies demonstrate fresh resilience. The price of ETH rose on Monday morning as Bitcoin's surge to nearly $74,000 pushed altcoins higher.

Over $135 million worth of liquidations have hit ETH positions in the past 24 hours, with over $123 million of these being short positions. Data from CoinGlass indicates that more than 12,811 traders were liquidated worldwide as Ethereum prices rose.