Ethereum (ETH) is surging today, climbing over 4.67% to hit prices around $4,708. The crypto is now nearing its all-time high of $4,957. This is a big moment for the digital asset market.
ETH Price action | Source: CoinMarketCap
The recent upward push is driven by a few factors. Firstly, institutional investment is clearly accelerating adoption. Just recently, Grayscale, a major fund manager, achieved a first-mover advantage. In an X post, the firm confirms that its Ethereum Trust ETF (Ticker: $ETHE) is the first in the U.S. to allow staking.
This new feature offers traditional investors passive income options. Consequently, it makes ETH a far more appealing asset class.
Furthermore, big money is moving large amounts of ETH into wallets. According to Crypto analyst Alichart, Whales bought about 800,000 ETH in the past week. This huge accumulation signals strong market confidence in ETH’s future value. This buying pressure is absorbing market supply rapidly.
Whales ETH Bets | Source: Ali Martinez, X
Looking at the charts, the path to the record high is now very clear. This comes as the market taps into a support level of $3816 on the 25th of September, giving it a 23% surge in price.
ETH Technical analysis | Source: TradingView
The main target now is breaking through the $4,957 record. The asset’s momentum is strong, showing confidence in the market.
Future Outlook
The technical setup remains clearly bullish in the short term. The immediate hurdle is the resistance level near $4,800. A break and sustain above this $4,800 swing high would further prove market strength.
This action would then clear the path for a direct test of the $4,957 all-time high. Surpassing the record level could trigger a major price discovery phase.
Also Read: Mantle (MNT) Hits Record High of $2, is $4 the Next Stop?
