Ether price surged to $2,470 on Iran-Israel ceasefire news, but traders remain cautious

From Cointelegraph

June 24, 2025 03:11 pm:

Ether surged to $2,470 following news of an Iran-Israel ceasefire, with a 17% increase from $2,115. Despite this, professional traders remain cautious due to low bullish conviction. ETH futures trade below average premiums, while ETFs saw $101 million net inflows. Concerns arise over market cap exceeding network fees, impacting sustainability.

Ethereum’s market cap of $293 billion outpaces its monthly network fees of $41 million, raising sustainability concerns. Despite leading in total deposits, Ethereum’s fees are only $8 million higher than Solana’s, with a TVL of $66 billion compared to Solana’s $10 billion. Tron collects $56 million in fees with under $5 billion TVL.

ETH options skew remains neutral at 2%, showing no strong bullish or bearish sentiment. Traders expect consolidation above $2,800 to trigger a bullish shift. However, competition from Solana and BNB Chain, along with lack of renewed optimism, may hinder ETH from surpassing $3,000. Institutional adoption or network dominance may be needed for a sustained bullish trend.

Read more at Cointelegraph: Ether Price Rallies Amid ETH Inflow But Traders Are Cautious