Ethereum has surged past $4,000 for the first time since December, climbing 60% in just one month. The rally comes as ETH treasury-focused companies have acquired roughly 2 million ETH since June, fueling upward momentum. Analysts suggest a push toward $4,500 is possible if ETH can break above the $4,100 resistance zone.
On Friday, ETH’s rise was driven by sustained demand from public corporations adopting Ethereum as a primary treasury asset. The second-largest cryptocurrency has rallied about 180% from its April low of $1,385, reversing its prior 65% drop from $4,107. Companies like BitMine Immersion, backed by Fundstrat’s Thomas Lee, and Joe Lubin’s SharpLink Gaming have collectively raised billions through debt and equity to accumulate ETH. Standard Chartered’s Geoffrey Kendrick estimates these treasury firms could eventually hold up to 10% of ETH’s total supply.
Coinglass data shows $136.74 million in Ethereum futures liquidations in the last 24 hours—$22.54 million from longs and $114.20 million from shorts. After finding solid support above $3,470 last week, ETH rallied 15% to cross the $4K mark, but faces heavy selling pressure at $4,100 and resistance from a long-term downtrend dating back to November 2021.
A confirmed breakout above $4,100 could signal a bullish pennant continuation, targeting $4,500 before testing the all-time high of $4,868. On the downside, maintaining $3,470 is key for bullish momentum; a drop below $3,220 could open the way to $3,000 if the weekly candle closes under that level.
