Ethereum (ETH) has experienced a significant price increase, climbing roughly 7% in the past 24 hours to trade above $3,900. This rally marks a breakout from a recent period of underperformance that saw prices drop to $3,400 earlier in the week. The surge is being driven by a renewed accumulation of ETH by institutional investors and large holders.
One of the key drivers behind the latest price jump is a large purchase by SharpLink Gaming, a treasury company that holds a significant amount of ETH. The company purchased another 21,959 ETH, valued at approximately $85.5 million. This acquisition brings SharpLink’s total holdings to over 543,000 ETH, with a value of around $2.12 billion. The purchase follows a recent $200 million stock offering aimed at scaling its Ethereum treasury.
On-chain data also shows that whales have re-entered the market, accumulating nearly $670 million worth of ETH over the last four days. This reverses a previous trend of heavy selling and suggests a shift in market sentiment.
The renewed buying pressure has brought ETH back into the green for the week, with its monthly gain now at about 49.4%. The daily trading volume has also jumped by 85%, reaching approximately $48.9 billion, while open interest has risen by 11%.
Analysts and market watchers are now looking to see if this momentum can push Ethereum past the $4,000 mark. Several factors are contributing to a bullish outlook:
Consistent Inflows: Exchange-traded funds (ETFs) tracking ETH have seen steady inflows over the past 30 days, indicating strong demand from traditional investors.
Bullish Forecasts: Industry figures like BitMine CEO Tom Lee, the largest corporate ETH holder, have a positive long-term view, with Lee forecasting that ETH could reach $16,000.
Market Sentiment: On Polymarket, traders are currently placing a 54% chance that ETH will reach a new all-time high before the end of the year.
In a recent interview, SharpLink co-CEO Joseph Chalom stated that Ethereum is positioned to become a platform for global finance, securing stablecoins, tokenized real-world assets, and other economic activity for the next generation.
