🚀 Ethereum Smashes $4K Barrier on Surging Institutional Demand
Ethereum reaches $4,000 for the first price since December after rising 60% in a month.
The spike followed ETH treasury businesses buying approximately 2 million ETH since June.
ETH might rebound to $4,500 if it overcomes $4,100 selling pressure.
Following continued demand from public corporations using Ethereum as their principal asset, the cryptocurrency recaptured $4,000 on Friday.
Ethereum treasury corporations force ETH beyond $4,000.
Ethereum crossed $4,000 for the first time in eight months on Friday, continuing its strong performance into August, according to Binance.
After falling 65% from $4,107 to $1,385 between December 16 and April 9, ETH is turning the round. From $1,385, the second-largest cryptocurrency has risen about 180%.
Corporate purchasing pressure has shifted toward an ETH treasury, driving the outstanding rise. These firms, lead by Fundstrat's Thomas Lee-backed BitMine Immersion and Joe Lubin's SharpLink Gaming, have raised about 2 million ETH from billions in debt and equity offerings since June.
Standard Chartered's director of digital asset analysis, Geoffrey Kendrick, predicts Ethereum treasury corporations may possess 10% of ETH's supply.
Ethereum Price Forecast: $4,100 barrier, $4,500 target
According to Coinglass, Ethereum futures liquidations totaled $136.74 million in the previous 24 hours, with $22.54 million in long and $114.20 million in short liquidations.
After finding support above $3,470 last week, ETH rose 15% to beyond $4,000 for the first time since December 2024. Thus, the top cryptocurrency faces historical selling pressure at $4,100 and a declining trendline from its November 2021 all-time high.
A breakthrough over $4,100 might confirm another bullish pennant and extend ETH's rise to $4,500 before its all-time high at $4,868.
On the downside, ETH must hold $3,470 to stay positive. If $3,220 support fails, ETH may reach $3,000 with a weekly candlestick closure below this level.
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