Ethereum’s ether (ETH) rose nearly 6% during the past 24-hour period, rising above $3,800, outperforming the CoinDesk 20 Index, a broader gauge of the digital assets market.
The move comes as major financial institutions and treasury companies have started to pour capital into the digital asset, while Wall Street’s heavyweights are starting to pay attention to ETH. Most recently, U.S.-listed spot ether ETFs saw record inflows of $2.18 billion over the past week, which was dubbed as “crypto week” as major crypto legislation was passed by the regulators.
The rally also coincides with some whales moving a massive amount of ETH on-chain over the weekend. According to on-chain analyst EmberCN, over the weekend, one ETH whale seems to have accumulated around $50 million of the token, at an average price of $3,714.
Meanwhile, some analysts are expecting ETH prices to surge much higher than current levels. Most recently, Tom Lee, the head of research at Fundstrat, CIO of Fundstrat Capital, and Chairman of Bitmine Immersion Technologies (BMNR), cited various analyses and said that the price could reach as high as $15,000.
Before hitting the $3,800 levels, ETH traded within a $255.34 range between a session low of $3,534.57 and a high of $3,789.92 in the last 24 hours, representing 7.22% volatility, according to CoinDesk Research’s technical analysis data.
Key resistance levels formed at $3,760-$3,790, where trading activity consolidated following multiple upward attempts. The model showed that large buying support seems to have emerged around $3,590-$3,610 during early trading hours as transaction volumes surpassed the 24-hour average of 215,432 units.
This consistent upward momentum with successive higher lows potentially indicates ongoing institutional capital allocation, positioning ETH for a possible rally beyond current resistance thresholds.
