Ethereum Hits Near-$3,440 Tally on Rally Fuelled by Institutional Demand

Points

• Ethereum neared $3,440 on Friday, its highest price since February, in a surge partly driven by strong institutional accumulation.
• SharpLink Gaming and BitMine Immersion Technologies have raised over $1.3 billion and $250 million respectively, injecting significant capital into Bitcoin.

Ethereum’s climb has reached a level not seen in nearly five months, though the recent peak of $3,418 reported Tuesday saw only slight retreat by Friday morning.

Supporting this bull run are dramatic moves by two major players. Gaming label SharpLink has accumulated nearly $828 million in ETH following a large purchase.

Institutional Bitcoin miner BitMine acquired more than $500 million worth of Ethereum through its funding round.

“Fundamental proponents, coupled with shifting viewpoints and robust institutional inflows, collectively push Ethereum towards potential new peaks within the coming year,” one market pundit stated.

Falling short of a new high, the price remains perched above critical resistance levels. A 62% price appreciation in just under a month showcases formidable momentum.

Specifically, Ethereum’s ratio against Bitcoin, languishing at around 0.079, saw a nearly 20% jump in two weeks—signalling a marked rotation back into second-ranked cryptocurrency.

Annamapriya Padmanabhan counters,

“Recent structuring positions ETH more advantageously than in five months,” reported a separate source noting “substantial confluence” from previously bearish analysts.

Ethereum’s run on centralized exchanges continues its upward trajectory, declining 34% year-to-date and suggesting institutional hoarding behavior over active trading.