Ethereum (ETH) Reclaims $2,550 as Bitcoin Buzz Lifts Crypto Markets

Ethereum (ETH) surged 3% on Sunday, May 18, reclaiming the $2,550 level after briefly dipping to $2,462 over the weekend.

The price of Ethereum rose 3% on Sunday, May 18, reclaiming the $2,550 level after briefly dipping to $2,462 over the weekend. The rebound follows a period of relative inactivity in the market on Friday.

As Bitcoin continued its climb above $105,700, sparking renewed interest in crypto assets, major altcoins like Ripple (XRP) and Solana also bounced off local lows.

According to data from Coingecko, Ethereum’s 24-hour trading volume surged from $12.5 billion on Friday to $15 billion on Sunday.

This significant increase in volume, especially after Friday’s session saw minimal activity with only $9 billion in 24-hour volume, confirms a strong bullish catalyst drove short-term capital flows into Ethereum and related assets.

Why Is Ethereum Price Going Up Today?

Recent news reports involving the Saudi government’s indirect adoption of BTC reserves, aligned with Strategy (NASDAQ:) CEO Michael Saylor’s announcement of further BTC purchases, appear to be the dominant bullish factors driving Ethereum's price up over the past 24 hours.

On May 16, the Saudi government confirmed that the Saudi Central Bank, also known as the Monetary Authority of Saudi Arabia (MA), acquired 25,656 shares of Strategy (formerly MicroStrategy).

The purchase came amid U.S. President Donald Trump's diplomatic visit to the oil-rich nation and is valued at $10.2 million at current prices.

News that Saudi Arabia's central bank bought into Strategy, a company recognized for holding significant Bitcoin reserves, is being interpreted as a move toward crypto adoption.

Moreover, on Sunday, Strategy CEO Michael Saylor posted an X message hinting at an impending BTC purchase. Both events seem to have triggered swift buying pressure among altcoin traders.

This pressure may have led ETH traders, who adopted a cautious stance on Friday, resulting in a capitulation to $2,456, to regain control, as evidenced by Ethereum breaking the key $2,551 level with rising volumes.

This purchase, valued at $10.2 million, coincided with U.S. President Donald Trump's diplomatic visit to the kingdom, lending it additional symbolic weight in global financial markets.

Further fueling the rally, Strategy CEO Michael Saylor hinted at new Bitcoin acquisitions via a post on X.

These dual developments appear to have renewed confidence among crypto investors. ETH, which had briefly capitulated on Friday, has now broken key resistance at $2,551, a level that previously capped upside momentum.

What Ethereum Traders Can Expect in the Week Ahead

As BTC price stabilizes above $105,000, potentially setting the stage for a continuation of the 2023 bull market, the focus shifts to how this price action will influence the broader cryptocurrency market.

In the short term, a continuation of the recent buying pressure, especially with high trading volumes, could push ETH price towards the next resistance zone, which is estimated to be around $2,600-$2,650.

However, a sudden shift in market sentiment or a sharp decrease in trading activity could lead to a breakdown of the bullish scenario.