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Today's cryptocurrency market focus is on the strong performance of Ethereum (ETH), which, driven by institutional funds, continues to refresh price highs not seen in nearly three years, boosting overall market sentiment.

Ethereum (ETH) Price Hits New High

Price Breaks Key Milestone: Ethereum's intraday uptrend is strong, having once surpassed $4,600, setting a new high since December 2021. Market analysis suggests that after breaking through $4,300, Ethereum has officially opened a new upward channel, with the highest target price even being set as high as $20,000.

Institutional Buying is Strong: Trader BitBull pointed out that the rise of Ethereum is due to a dual impetus of large-scale short squeezes and institutional buying. Companies like Huajian Medical have also made significant purchases of Ether through strategic partnerships, further validating institutional optimism towards Ethereum. For example, the average purchase price of Ether by Huajian Medical in the first batch was only $3,661, and they have currently achieved considerable gains.