Ethereum has shaken off a week-long lull, posting new gains as whales and institutions increase their positions. SharpLink, one of the largest public holders of ETH, has boosted its holdings with a fresh purchase, giving the price a notable lift.
According to crypto.news data, Ethereum has surged about 7% in the last 24 hours. It now trades just above $3,911, breaking out decisively from the recent period of weakness that saw prices dip as low as $3,400 earlier this week.
The rebound has pushed ETH back into positive territory for the week, lifting its monthly gains to around 49.4%. Daily trading volume has surged 85%, reaching approximately $48.9 billion. Data from CoinGlass also reveals an 11% increase in open interest for ETH during the same period, indicating renewed momentum behind the asset.
So, what’s fueling ETH’s rise today?
SharpLink and Whales Double Down on ETH
A key factor behind the recent surge is a fresh wave of large-scale purchases from corporate wallets. In the past 24 hours, SharpLink Gaming, one of the most aggressive ETH treasury builders, acquired an additional 21,959 ETH—valued at about $85.5 million at current prices.
This latest buy increases SharpLink’s total holdings to 543,898 ETH, worth roughly $2.12 billion.
SharpLink has been steadily increasing its position for weeks. This purchase follows a $200 million stock offering intended to expand its Ethereum treasury. The company is engaged in a competitive race with other ETH-focused treasury firms, and their sustained buying pressure appears to be driving prices higher.
Adding to the rally, Ethereum whales have returned to accumulation mode. On-chain data reveals that large holders have amassed nearly $670 million worth of ETH over the past four days, reversing last week’s trend of heavy selling.
The renewed appetite from institutions and whales is restoring bullish momentum around ETH, but the big question is whether that’s enough to push prices to new highs.
Can ETH reclaim $4,000?
The $4,000 level has long been a psychological barrier for ETH, but it now appears within reach. Treasury firms are steadily increasing their holdings, with several indicating plans to continue accumulating over the long term.
At the same time, exchange-traded funds (ETFs) tracking ETH have seen consistent inflows over the past 30 days, reflecting strong demand from traditional investors. Together, the steady buying from institutional investors, treasury firms, and whales could provide enough momentum to break through resistance and spark a significant rally.
Meanwhile, some market experts are already forecasting much higher prices. Tom Lee, CEO of BitMine—the largest corporate ETH holder to date—predicts ETH could reach $16,000. He describes Ethereum as “Wall Street’s preferred choice,” setting the stage for a historic rally.
Lee’s outlook aligns with broader industry sentiment. On Polymarket, traders currently assign a 54% probability that ETH will hit a new all-time high before the end of the year, with the recent price surge boosting those odds by 17% in the last 24 hours. Other notable figures, such as BitMEX co-founder Arthur Hayes, expect ETH to reach at least $10,000.
Adding to the bullish momentum, SharpLink co-CEO Joseph Chalom recently told crypto.news that Ethereum is well-positioned to become the cornerstone of global finance.
