Ethereum opened at $2,375.12 on 23 April 2026, rising roughly 2% from the previous session as Bitcoin pushed above $78,000 before both assets pared gains.
The token eased to $2,316.88 by early morning trading as investors weighed stalled Iran ceasefire talks and continued US naval activity near the Strait of Hormuz against improving macro sentiment.
Institutional demand provided support, with spot Ethereum exchange-traded funds recording a ninth straight day of net inflows exceeding $530 million.
Bitcoin’s inability to hold above $78,000 alongside rising oil prices introduced renewed inflation concerns, reinforcing a cautious risk environment across crypto markets.
Ethereum’s recent rally has mirrored broader macro-driven swings, with sharp advances followed by pullbacks as geopolitical tensions linked to Iran continue to anchor prices within a defined range.
Earlier in April, ETH climbed to a 10-week high near $2,400 following temporary optimism around ceasefire diplomacy, though that level has repeatedly acted as resistance since February.
A sustained move above $2,500 is seen as a key signal of trend strength, supported by ETF inflows, improving technical indicators, and upcoming network upgrades aimed at enhancing scalability and reducing transaction costs.
At the time of reporting, Ethereum price was $2,331.60.