Ethereum has once again caught the attention of investors as it breaks out of a week-long slumber to post fresh gains. Whales and institutions are doubling down on their investments in ETH, with SharpLink, a prominent holder of Ethereum, increasing its stack with a significant buy, further boosting the price of the cryptocurrency.
According to data from crypto.news, Ethereum is currently trading above $3,900, reflecting a 7% increase in value over the past 24 hours. This surge in price comes after a period of underperformance that saw ETH drop to as low as $3,400 earlier in the week.
The recent rally has not only put Ethereum back in the green for the week but has also pushed its monthly gain to around 49.4%. Daily trading volume has surged by 85%, reaching approximately $48.9 billion. CoinGlass data indicates an 11% increase in open interest in ETH, signaling a renewed interest and momentum in the asset.
One of the driving factors behind the recent price surge is the influx of large-scale buys from corporate wallets. SharpLink Gaming, a prominent ETH treasury builder, recently acquired an additional 21,959 ETH, worth approximately $85.5 million at current prices. This purchase has boosted SharpLink’s total holdings to 543,898 ETH, valued at around $2.12 billion.
In addition to SharpLink’s aggressive buying strategy, Ethereum whales are also back in accumulation mode, with on-chain data showing that large holders have accumulated nearly $670 million worth of ETH over the past four days, reversing the trend of heavy selling seen last week.
The renewed interest from institutions and whales is fueling bullish momentum around Ethereum, raising the question of whether the cryptocurrency can reclaim the $4,000 mark. While $4,000 has historically been a psychological barrier for ETH, the continued accumulation by treasury firms and strong demand from traditional investors through exchange-traded funds could potentially push Ethereum through this resistance level and trigger a breakout.
Industry experts like Tom Lee, CEO of BitMine, are optimistic about Ethereum’s future, with Lee predicting a price target of $16,000 for ETH. He believes that Ethereum has become the preferred choice of Wall Street and is poised for a historic rally.
Market sentiment is also bullish on Ethereum, with traders on platforms like Polymarket betting on a 54% chance of ETH reaching a new all-time high before the end of the year. The odds have increased by 17% in the past 24 hours following the recent price bounce. Other industry figures, including BitMEX co-founder Arthur Hayes, are also bullish on ETH, with expectations of the price hitting at least $10,000.
In a recent interview with crypto.news, SharpLink co-CEO Joseph Chalom expressed his confidence in Ethereum, stating that the cryptocurrency is positioned to become the backbone of global finance. He believes that Ethereum’s transformative technology will drive its strong performance in the future, securing stablecoins, tokenized real-world assets, and other economic activities on a decentralized platform.
Overall, the recent surge in Ethereum’s price, fueled by institutional buying and whale accumulation, suggests a positive outlook for the cryptocurrency, with the potential for further gains in the near future.