Ethereum is riding a powerful rally — fueled by record-breaking U.S. spot ETF inflows, growing institutional accumulation, and surging on-chain activity — that has pushed prices to their highest level since 2021 and set the stage for a potential run toward $6,800.
Summary
- ETH price jumped as spot Ethereum ETF inflows jumped.
- Ethereum Treasury companies like SharpLink are accumulating.
- Technical analysis points to an eventual Ethereum price surge to $6,800.
ETF inflows and DeFi dominance boost ETH price
Ethereum (ETH) jumped to a high of $4,170, its highest level since December 2021, and nearly 200% above the lowest level this year.
Demand from American investors is high as evidenced by SoSoValue data, which shows that spot Ethereum ETF inflows jumped by $326 million this week.
These funds have experienced inflows for 14 consecutive weeks, totaling $9.8 billion in cumulative inflows. BlackRock’s ETHA ETF has had cumulative inflows of $9.85 billion and has net assets of $12.35 billion.
Grayscale’s ETHE ETF has experienced net outflows of $4.3 billion and currently holds $4.5 billion in assets. It has shed assets mostly due to its high fees, with an expense ratio of 2.50%. The other top Ethereum funds are by companies like Fidelity, Bitwise, and VanEck.
You might also like: Crypto bull run could be near: best altcoins to buy today
Additionally, Ethereum treasury companies are accumulating these tokens. SharpLink Gaming bought 22,000 ETH this week, bringing its total assets to $2.17 billion. BitMine and The Ether Machine hold Ethereum worth $3.45 billion and $1.4 billion, respectively.
Investors are accumulating Ethereum due to the network’s growth and its dominant market share across most sectors. For example, Ethereum’s network’s transactions jumped by 52% in the last 30 days to over 47 million, while its fees soared to $48 million.
Ethereum continues to dominate in the decentralized finance industry, with its total value locked jumping to $195 billion and its bridged assets surging to $501 billion.
Ethereum’s stablecoin market share has increased, with the total industry supply reaching $137 billion. This growth will make it a top beneficiary from the recently signed GENIUS bill in the United States.
Ethereum price technical analysis
ETH price chart | Source: crypto.news
The three-day chart shows that the ETH price has been in a strong bull run since April, when it bottomed at $1,392. It recently formed a golden cross pattern as the 50-day and 200-day moving averages crossed each other. A golden cross often confirms a bullish breakout.
Ethereum also formed an inverse head-and-shoulders pattern, with its neckline at $4,090. This pattern is made up of a head, which is at the April low of $1,392. It also has two shoulders at $2,153.
The distance between the head and shoulders is $2,700. Adding this amount to the neckline yields a target price of nearly $6,800, representing a 68% increase from the current level.
Read more: Will Shiba Inu price rebound as SHIB burn rate jumps 1,800%
