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Ethereum (ETH) is propelling the cryptocurrency market higher, trading at $4,625, just 4% shy of its all-time high of $4,891. The second-largest cryptocurrency has gained close to 30% in the past week, outperforming all other top altcoins.
Driving this rally are record-breaking inflows into spot Ethereum ETFs, with $1.54 billion entering in just two days. BlackRock’s ETHA fund leads the charge, surpassing $10.5 billion in assets under management.
Institutional accumulation is adding fuel to the fire. BitMine Immersion Technologies announced plans to raise up to $24.5 billion for ETH purchases, aiming to control up to 5% of the total supply. SharpLink followed with a $389 million fundraising, dedicating nearly all proceeds to Ethereum acquisitions.
Technical indicators suggest Ethereum’s rally has more room to run. Crypto analyst Ali Martinez cites the MVRV pricing bands, pointing to a possible move toward $5,241. Meanwhile, trader Yashasedu believes that if Bitcoin hits $150,000, Ethereum could surge past $8,500, based on historical market cap ratios.
On-chain data from Santiment shows retail traders are selling into the rally, a pattern that has historically preceded further price gains. Corporate treasuries, however, are accumulating aggressively, creating minimal resistance for a breakout to fresh highs.
While other major altcoins like Solana (+12.9%), Cardano (+10%), and Chainlink (+12%) have posted strong gains, analysts note that this cycle is more of an “Ethereum season” than a general altcoin season.
Benjamin Cowen highlights that altcoins excluding ETH and BTC (TOTAL3) have dropped 50% against ETH since April, indicating Ethereum’s dominance.
Ethereum’s fundamentals remain robust, with total value locked (TVL) surpassing $90 billion, the highest since 2022. Derivatives market activity is also heating up, with open interest hitting $12.1 billion, the highest since March 2024.
If momentum continues, a break above $4,750 could send ETH toward $5,000 and beyond, solidifying its position as the institutional favorite alongside Bitcoin.
Cover image from ChatGPT, ETHUSD chart from Tradingview
