Ethereum (ETH) is putting up an impressive show as the price rallies above $3,200 for the first time since February 2025. In addition to this rally, the second largest crypto by market cap has achieved a significant milestone by toppling healthcare giant Johnson & Johnson in market capitalization. 

The recent bullish price rally strengthens the increased relevance of Ethereum outside the crypto space. The coin has gained recognition amongst the greatest corporations and investment assets in the world. This portrays greater interest and positive sentiment. 

ETH’s Rally Pushes it Past Global Giant

Data from CoinMarketCap shows that Ethereum has climbed 21.8% over the past week. As of this writing, the coin is trading at $3,239 marking a 6.21% surge over the last 24 hours alone. This price action has further resulted in a surge of ETH market capitalization which now sits at $391.04 billion. 

With the market cap climbing to the current level, it has overtaken that of the global healthcare giant Johnson & Johnson, as per data by Infinite Market Cap. 

“$ETH climbed up the asset ranking by capitalization, overtaking the pharmaceutical company Johnson & Johnson. Ethereum shines near such giants as Netflix and Mastercard,” The Coinomist Magazine wrote on X. 

The new milestone makes ETH one of the 30 richest assets in the world. This list is majorly topped by major technological corporations, banks, and energy companies across the world. 

There is also a significant increase in the core metrics of the network. In the second quarter of 2025, the TVL of Ethereum increased by 33%. Moreover, the ETH staking grew by 4% as per a report by Bit Digital. indicating stronger investor confidence and devotion to the network. 

Ethereum’s Usage Metrics Show Growing Network Activity

The recent price surge is supported by on-chain activity. Ethereum’s daily transaction volume is nearing 1.5 million, levels not seen since the bull run of 2021. Analyst Ted Pillows noted on X (formerly Twitter) that the last time ETH hit that transaction threshold, the asset was mid-rally in one of its strongest bull markets. 

“$ETH daily transactions almost back at 1,500,000. The last time Ethereum reached above 1,500,000 was in 2021…Bull vibes, but matured,” Ted Pillows shared. 

This activity seems to be driven by several bullish factors. These include the growing institutional interest, an expected “stablecoin summer” and optimism around the potential regulatory clarity. These factors are conspiring to provide a convenient atmosphere under which ETH can continue to grow.

The growth in daily transactions, and total locked value (TVL), signals growing demand and utilization of the Ethereum ecosystem. This is often a precursor of a longer-term price appreciation and evidence of increased use of decentralized applications and services using the Ethereum blockchain. 

Analysts Eye ETH Price Rally to $5,000 and Beyond

Analysts in the market are optimistic about the price of Ethereum. Prior to the rally past $3,200, analyst Henry (@LordOfAlts) predicted that breaking above this level would cause a short-selling liquidation valued at up to $4 billion. According to him, this could result in a short squeeze moving the price towards the $3,310 to $3,340 zone. 

Henry’s prediction stemmed from Ethereum Foundation’s new strategies. However, he also cautioned against pullbacks that could occur after great periods of liquidation. 

“But don’t chase blindly because a pullback or cool-down usually follows a liquidation event that big,” he warned. 

Another technical analyst, Merlijn The Trader, recently pointed to an ongoing upward channel formation on Ethereum’s chart. According to him, ETH has been consolidating for months and is now poised for a breakout. 

“Ethereum’s chart is screaming breakout. Triple RSI bounce. Macro channel intact. Price has been coiling for months. When $ETH explodes from here…$5,000 is just the warm-up,” he said. 

However, while Ethereum’s recent rally has been impressive, investors must express caution as advised by Henry. But in general, ETH’s push past Johnson & Johnson’s market cap indicates immense growth.