Ethereum News Today: Ethereum Surges Past $3900 2.89% 24-Hour Gain Driven by Altcoin Season and ETF Demand

Ethereum’s price has surged past $3,900 again, marking a key development in its recent upward trajectory. According to HTX market data, Ethereum is trading at $3,929.52 as of July 28, reflecting a 24-hour increase of 2.89% [1]. Earlier on July 26, the cryptocurrency had climbed 5.26% to reclaim the $3,800 threshold before pushing above $3,900, with Binance Market Data reporting a 3.59% gain in 24 hours, reaching 3,901.969971 USDT [2]. This renewed strength has intensified speculation about a potential $4,000 breakout, though traders remain cautious about short-term volatility.

The $3,900 level holds strategic importance due to its proximity to critical liquidation zones. AInvest highlighted that $740 million in leveraged positions are at risk of liquidation at $3,900, while $1.528 billion in short positions face similar risks at $3,700 [3]. These figures underscore the fragile equilibrium between bullish and bearish forces. Meanwhile, Ethereum’s 62% rise over the past month has drawn attention to broader market enthusiasm, driven by altcoin season and ETF-related demand [4]. On-chain data also revealed a significant inflow of 640,000+ ETH into wallets with no prior selling history—the largest such movement since 2018. This trend suggests long-term holders, including large investors, are accumulating the asset [5], potentially signaling confidence in its future value.

Institutional interest has further amplified the narrative. BitMine recently announced its Ethereum holdings have surpassed $2 billion, with plans for a Nasdaq listing [6]. The company’s stated goal to control 5% of the total ETH supply highlights growing corporate participation in the asset class, though the direct impact on price remains to be seen.

From a technical standpoint, Ethereum’s 5.26% surge on July 26 has positioned it to test higher resistance levels. However, liquidation risks near $3,900 and $3,700 indicate a possible reversal if critical support fails to hold. Traders are closely monitoring on-chain metrics and macroeconomic indicators for further direction. The recent rally also raises questions about Ethereum’s positioning relative to Bitcoin, though no direct forecasts are provided in the data. The surge in altcoin demand and Ethereum’s performance suggest it continues to carve out a distinct role in the crypto ecosystem.

Sources:

[1] TheBlockBeats, Ethereum Surpasses $3900 Again https://www.theblockbeats.info/en/flash/304764

[2] AInvest, Ethereum Price Rises 5.26% as Supply Reduction Fuels $4,000 Breakout Speculation https://www.ainvest.com/news/ethereum-news-today-ethereum-price-rises-5-26-supply-reduction-fuels-4-000-breakout-speculation-2507/

[3] AInvest, Ethereum Price Levels Near $3900 and $3700 Pose $740M and $1.528B Liquidation Risks https://www.ainvest.com/news/ethereum-news-today-ethereum-price-levels-3900-3700-pose-740m-1-528b-liquidation-risks-2507/

[4] CryptoDnes.bg, Ethereum Surges Past $3,900 as Altcoin Season Sparks ETF Boom https://cryptodnes.bg/en/news/altcoins/

[5] Facebook group forexxauusd, Ethereum Silent Whales Are Back https://www.facebook.com/groups/forexxauusd/posts/4157****47922668/

[6] CaptainAltcoin, Will Ethereum Overtake Bitcoin? Smart Miners Have Already Made Their First Profits https://captainaltcoin.com/will-ethereum-overtake-bitcoin-smart-miners-have-already-made-their-first-profits-through-ethereum-classic-cloud-mining-what-are-you-waiting-for/