Ethereum Surges Past $4,000 Amid Rising Institutional Demand
Ethereum has surpassed the $4,000 level for the first time since December, soaring 60% over the past month. This rally is driven by treasury-focused companies that have purchased nearly 2 million ETH since June. Analysts are now eyeing a potential move toward $4,500 if Ethereum breaks through the $4,100 resistance.
Friday’s gains were supported by consistent institutional buying, as more public companies adopt Ethereum as a key treasury asset. Since hitting a low of $1,385 in April, ETH has rallied roughly 180%, recovering from a previous 65% decline from $4,107. Notable firms like BitMine Immersion, backed by Fundstrat’s Thomas Lee, and Joe Lubin’s SharpLink Gaming, have raised billions through debt and equity to accumulate ETH. Standard Chartered’s Geoffrey Kendrick estimates these treasury investors could eventually control up to 10% of Ethereum’s total supply.
Data from Coinglass reveals $136.74 million in ETH futures liquidations over the last 24 hours, including $22.54 million from long positions and $114.20 million from shorts. After establishing strong support above $3,470 last week, ETH climbed 15% to break $4,000 but is now encountering strong resistance near $4,100, alongside pressure from a long-term downtrend dating back to November 2021.
A clear breakout above $4,100 could confirm a bullish pennant formation, potentially pushing ETH toward $4,500 and eventually challenging its all-time high of $4,868. On the downside, maintaining support above $3,470 is crucial for sustaining bullish momentum, while a close below $3,220 could open the door to a drop toward $3,000.
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