Ethereum News Today: Ethereum Surges 10% to $3,600 as Institutional Buying Intensifies

Ethereum's price has surged past the $3,600 mark, driven by significant interest from major players, including institutional investors and high-net-worth individuals. Two newly created wallets alone accumulated over $745 million in ETH, signaling a strong belief in the cryptocurrency's potential. Wallet 0x35fb withdrew over 103,000 ETH, valued at approximately $373 million, from Kraken Exchange in just nine days, while wallet 0x9684 pulled $372 million worth of ETH from FalconX in a week. These actions indicate long-term belief and serious accumulation, as whales self-custody their holdings in preparation for a bigger price move.

Institutional interest in Ethereum continues to grow, with SharpLink Gaming purchasing an additional 32,892 ETH, valued at $115 million, bringing their total holdings to 144,501 ETH worth over $500 million in nine days. World Liberty, backed by prominent figures, also joined the buying spree, acquiring $8 million in ETH over two days, with their wallet now holding over 70,000 ETH and $23 million in unrealized gains. BTC Digital, a Nasdaq-listed firm, has switched from Bitcoin to Ethereum entirely, converting current and future BTC reserves into ETH after raising $6 million. This move is a powerful endorsement of Ethereum's potential.

Ethereum's price now faces resistance at $3,700 and $3,880, but the bulls are charging. Technical indicators show strength, though the RSI is above the overbought line, suggesting a short-term pullback is possible. If the price falls below $3,600 and slips under $3,520 support, a correction to $3,150 may follow. However, buying pressure remains steady, with Ethereum outpacing Bitcoin in short-term performance. If this trend continues, altcoin season may be around the corner, as traders and institutions alike show confidence in Ethereum's potential.