Ethereum News Today: Ethereum Surpasses $4,300 on Bullish Momentum and Whale Accumulation

Ethereum has surged past $4,300, marking its highest level since late 2021 amid strong bullish momentum in the broader crypto market [1]. The price movement follows a breakout from a symmetrical triangle that had constrained Ethereum’s price since 2021, as highlighted by crypto analyst Galaxy on X [1]. This development has intensified speculation about a potential bull cycle, especially as Bitcoin trades above $120,000 and the overall crypto market cap exceeds $4.1 trillion [1].

Market commentators on X have drawn attention to Ethereum’s strong fundamentals. Ted Pillows, a prominent market analyst, emphasized Ethereum as “the fastest horse to bet on” and forecasted it could reach $10,000 in this cycle [1]. Despite the rally, Ethereum remains roughly 15% below its 2021 peak. Analyst Ali further noted that Ethereum is currently attracting more capital inflows than Bitcoin, signaling a shift in trader preference toward altcoins [1].

Whale activity has intensified, with over 1.035 million ETH—valued at approximately $4.17 billion—accumulated through exchanges and institutional platforms since July 10 [1]. Blockchain analyst Ember CN noted that these holdings are largely attributed to institutions or U.S.-listed firms, excluding known SBET addresses [1]. The average purchase price for these transactions sits around $3,546, suggesting a strong long-term conviction among major investors [1].

Institutional demand has also accelerated. Monthly inflows into spot Ethereum ETFs, including BlackRock’s iShares Ethereum Trust, have increased by over 40 percent [1]. These investors tend to hold for extended periods, further reducing ETH’s circulating supply and supporting higher prices [1].

On-chain data from Glassnode reveals that mega whale addresses—wallets holding more than 10,000 ETH—now control over 41 million ETH, the highest level since the 2022 bear market [1]. This trend, combined with staking yields that encourage ETH holders to lock their assets, is contributing to a tightening of supply.

Speculation on key price levels remains active. Ted Pillows has indicated that $6,400 could become a significant price target if Ethereum breaks above $4,000, while Ali pointed to increased stablecoin supply for Ethereum as a sign of robust liquidity [1].

At the time of writing, Ethereum was trading at $4,507, a 4.85% decline in the past 24 hours [1].

Source: [1] Ethereum Soars to Highest Level Since 2021 as Whales Accumulate $4.17 Billion ETH (https://zycrypto.com/ethereum-soars-to-highest-level-since-2021-as-whales-accumulate-4-17-billion-eth/)