Why is Ethereum up today?
Ethereum surges 4.5% as whales accumulate $3.8B in ETH
Ethereum has posted a strong rebound, climbing 4.51% in the last 24 hours to trade at $2,630, with its market capitalization rising to $317.42 billion.
Daily trading volumes have also surged to $18.65 billion, underscoring renewed market interest. A significant driver of this rally is the aggressive accumulation by whale wallets, which have acquired over 1.49 million ETH — valued at $3.79 billion — in the past month. These wallets now collectively control nearly 27% of Ethereum’s total supply, signaling strong institutional conviction.
Key catalysts: ETFs, tokenization, and ‘Pectra’
According to crypto analyst Anton Kharitonov, Ethereum’s bullish momentum is underpinned by several macro and technical factors. Notably, over $1.37 billion in inflows into spot Ether ETFs have amplified institutional exposure to ETH, providing new avenues for capital inflow.
Kharitonov says:
“Ethereum is confirming my optimistic forecasts. I expect the bullish trend to continue and the price to exceed $3,000 by the end of the month.”
Kharitonov also points to the recent ‘Pectra’ upgrade, which enhanced network efficiency and scalability, positioning Ethereum as a dominant platform for stablecoins and real-world asset tokenization — two sectors seeing rapid growth.
Technical outlook and market sentiment
Technically, Ethereum is showing signs of sustained upside. Kharitonov cites bullish chart patterns, with upward momentum now targeting the $4,100 resistance zone. He also highlights growing confidence from large holders, who continue to accumulate despite recent market volatility. The combination of positive ETF developments, robust on-chain fundamentals, and Ethereum’s evolving role in decentralized finance has set the stage for a potential medium-term breakout.
Should these trends persist, Ethereum may not only recover further but also reassert its leadership in the smart contract and digital asset economy.
Recently we wrote that Ethereum’s string of institutional inflows came to an end on Friday, marking the first net outflows for spot Ether ETFs in 19 days.
