NEW YORK: Ethereum’s recent rally gained fresh momentum on Friday as institutional investors and major crypto holders stepped up large-scale purchases, pushing the price closer to the key $4,000 resistance level.
At press time, ETH was trading around $3,911, up more than 7% in the past 24 hours. The move marks a sharp recovery from earlier in the week when the world’s second-largest cryptocurrency slipped to nearly $3,400. The rebound has lifted Ethereum’s weekly performance back into positive territory, with monthly gains approaching 50%.
Daily trading volumes have surged 85% to about $48.9 billion, while derivatives data from CoinGlass shows open interest in ETH futures rising 11%, indicating renewed market participation.
SharpLink Leads Institutional Buying
One of the biggest drivers of this rally is a fresh wave of institutional accumulation. SharpLink Gaming, a publicly traded company known for its aggressive Ethereum treasury strategy, added 21,959 ETH — worth roughly $85.5 million — to its holdings in the past day.
This latest purchase brings SharpLink’s total Ethereum reserves to 543,898 ETH, valued at about $2.12 billion. The company’s recent acquisitions follow a $200 million stock offering aimed at expanding its crypto treasury, fueling speculation of further large-scale buys.
On-chain data also reveals that Ethereum “whales” — large holders with significant capital — have accumulated nearly $670 million worth of ETH in the past four days, reversing the heavy selling seen earlier this month.
Eyes on the $4,000 Breakout
The $4,000 level remains a psychological and technical barrier for Ethereum traders. Analysts believe that sustained buying from treasury firms, combined with continued inflows into Ethereum-based exchange-traded funds (ETFs), could provide the momentum needed for a breakout.
Market sentiment has also turned increasingly bullish. Forecasts from industry leaders range from $10,000 to $16,000, with some predicting that Ethereum will set a new all-time high before the year’s end. According to Polymarket data, traders are now giving a 54% probability of such a milestone, up 17% in the last day alone.
In an interview this week, SharpLink co-CEO Joseph Chalom said Ethereum is well-positioned to become a cornerstone of global finance. “Ethereum will be the neutral, decentralized platform securing stablecoins, tokenized real-world assets, and the next generation of economic activity,” he noted.
With institutional demand rising and market confidence returning, Ethereum’s path toward $5,000 — and possibly beyond — may now depend on whether this wave of accumulation can sustain its current pace.