Ethereum (ETH) is driving the cryptocurrency market highly, trading at $4,625, just 4% of its all-time high of $4,891. The second-largest cryptocurrency has won nearly 30% in the past week, surpassing all other top altcoins.
Driven by the rally, a record-breaking influx will take part in the Spot Ethereum ETF, bringing in $1.54 billion in just two days. BlackRock’s ETHA funds lead prices, exceeding their $10.5 billion managed assets.
Institutional accumulation adds fuel to the fire. Bitmine Immersion Technologies has announced plans to raise up to $24.5 billion for ETH purchases, aiming to manage up to 5% of its total supply. Sharplink has raised $389 million and devoted almost all of its proceeds to the acquisition of Ethereum.
Analysts target $5,241 or more
Technical indicators suggest that there is more room for the Ethereum gathering to run. Crypto analyst Ali Martinez points out the possibility of a move to $5,241, citing the MVRV price range. Meanwhile, trader Yashasedu believes that if Bitcoin reaches $150,000, Ethereum could surge above $8,500 based on historic market cap ratio.
Santiment’s on-chain data shows that retailers are being sold to Rally. However, corporate finances have accumulated aggressively, minimizing resistance to breakouts to fresh highs.
ETH's price trends to the upside on the daily chart. Source: ETHUSD on Tradingview
Ethereum (ETH) controls Altcoins
Other major Altcoins, such as Solana (+12.9%), Cardano (+10%) and ChainLink (+12%), have strong profits, but analysts point out that this cycle is more “Ethereum season” than the typical Altcoin season.
Benjamin Cowen emphasizes that Altcoins (Total3), excluding ETH and BTC, has fallen 50% against ETH since April, indicating Ethereum’s dominance.
Ethereum’s foundations remained solid, with total locked (TVL) exceeding $90 billion, the highest since 2022. Derivative market activity is also intensifying, reaching its highest level since March 2024, at $12.1 billion.
As momentum continues, the break above $4,750 could send ETH towards more than $5,000, and along with Bitcoin will solidify its position as an institution’s favorite.
ChatGpt cover image, TradingView’s Ethusd chart
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