Ethereum has broken out of its week-long slumber, posting fresh gains as whales and institutions double down. SharpLink, one of the largest public holders of ETH has increased its stack with a fresh buy, offering a boost to price.
Summary
- Ethereum is trading above $3,900, up 7% in 24 hours.
- ETH-focused treasury company SharpLink bought another 22,000 ETH.
- Whales are doubling down on ETH acquisition, reversing the bearish pattern flagged earlier this week.
According to crypto.news data, Ethereum (ETH) has climbed roughly 7% in the past 24 hours. It now trades slightly above $3,911, marking a clean breakout from the recent stretch of underperformance that dragged prices as low as $3,400 earlier in the week.
The bounce has put ETH back in the green for the week and brings its monthly gain to approximately 49.4%. Daily trading volume is up 85%, now hovering around $48.9 billion. CoinGlass data also shows open interest in ETH jumped 11% over the same period, signaling renewed momentum around the asset.
But what’s driving ETH’s climb today?
SharpLink, whales double down on ETH
One major driver of the latest uptick is a fresh wave of large-scale buys from corporate wallets. Over the past day, SharpLink Gaming, one of the most aggressive ETH treasury builders, purchased another 21,959 ETH, worth roughly $85.5 million at current prices.
The purchase brings its total holdings to 543,898 ETH, valued at around $2.12 billion.
SharpLink has been ramping up its position for weeks, and its latest buy follows a $200 million stock offering aimed at scaling its Ethereum treasury. The company has been locked in an arms race with other ETH-focused treasury firms, and their consistent buying pressure appears to be lifting prices.
Fueling the rally, Ethereum whales are back in accumulation mode too. On-chain data shows that nearly $670 million worth of ETH has been accumulated by large holders 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 $4K mark has been a psychological barrier for ETH, but it is not out of reach. Treasury firms continue to scale their holdings, with several signaling plans to keep accumulating over the long term.
At the same time, exchange-traded funds tracking ETH have posted consistent inflows over the past 30 days, showing strong demand from traditional investors. Combined, steady inflows from institutional buyers, treasury firms, and whales could be enough to push ETH through resistance and trigger a breakout.
Meanwhile, some market watchers are already betting higher. Tom Lee, CEO of BitMine, the largest ETH corporate holder to date, expects ETH to hit $16,000. According to him, Ethereum has become “Wall Street’s preferred choice,” and is now on track for a historic rally.
Lee’s forecast echoes broader industry sentiment. On Polymarket, traders are currently betting a 54% chance that ETH sets a new all-time high before the year ends, and the latest price bounce has pushed the odds up 17% in the past 24 hours. Other industry figures like BitMEX co-founder Arthur Hayes also expect ETH’s price to hit at least $10,000.
Adding to the bullish outlook, SharpLink co-CEO Joseph Chalom told crypto.news in a recent interview that saying that Ethereum is positioned to become the become of global finance.
“Ethereum will be the neutral, decentralized platform that will secure stablecoins, a range of tokenized real world assets, and other economic activity for the next generation,” he said, adding that its transformative technology positions for a stron
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