Why’s Ethereum Price Rallying Today: $5K ETH Price Coming Soon?

Key Insights:

• Ethereum price surged more than 6% as both retail investors and institutions bet heavily.
• SharpLink Gaming has purchased $275 million in ETH over the last seven days.
• Analysts predict a potential ETH price surge to $5k as Ethereum dominance soars to a record level.

Ethereum price is the talk of the crypto town today, with its robust rally of more than 6%. Notably, the percentage gains in ETH have outpaced Bitcoin, indicating that the investors are shifting focus to the altcoin segment.

Almost all the top altcoins have recorded a significant surge today, with Ether leading the charge.

Meanwhile, a flurry of factors could have triggered the current rally in the flagship crypto’s price. For instance, both the institutional and retail interests are high on the asset.

On the other hand, the market pundits have also shared bullish projections for the coin.

In fact, a renowned analyst has predicted a potential rally for the Ethereum price to $5,000, further bolstering market confidence.

So, let’s look at some of the key factors that might have contributed to the recent gains of the asset.

Why is Ethereum Price Rising Today?

The recent surge in the Ethereum price could be due to the increasing buying pressure from the large investors or whales. Besides, the institutions are also actively betting on ETH, reflecting their confidence in the asset.

Massive Corporate Interest

Recent reports suggest that the current surge in ETH price comes amid significant buying activity from large investors and corporations.

Leading on-chain transaction tracking platform Lookonchain reported that SharpLink Gaming has been active recently.

According to a recent X post, SharpLink Gaming purchased an additional 6,377 ETH, worth $19.56 million, today. This brings their total accumulation in the past 7 days to 91,330 ETH, valued at $275 million.

Active Bets from Whales

In other notable transactions tracked by Lookonchain, the retail investors are also aggressively buying ETH.

For context, whale “0x9684” accumulated 27,806 ETH worth $85.57 million from FalconX today. With this latest bet, their total purchases totaled 68,141 ETH, worth $213.8 million, in the past 4 days.

Simultaneously, whale “0x35fb” bought 8,262 ETH from Kraken today, with a total of 80,312 ETH, worth $252 million, in 6 days.

Another whale, “0x3c9E”, purchased 1,000 ETH, valued at $3.04 million, from Kraken in the last 24 hours, part of a 26,000 ETH ($73.45 million) total bought over 12 days.

Ethereum ETF Inflow Signals Bullish Road Ahead

The institutional interest is also high, as evidenced by the Farside Investors’ US Spot Ethereum ETF inflow data.

On July 15, the overall influx totaled $192.3 million, marking a positive flow for the 8 consecutive days.

The influx on July 15 was led by BlackRock’s ETHA, contributing $171.5 million alone. Notably, it follows a robust fund flow of $259 million recorded on Monday, July 14.

Ethereum Price Rallies: What Lies Ahead?

Ethereum price has more than 6% today and exchanged hands at $3,163, its highest level since early February. The crypto has hovered between $3,174 and $2,961 over the last 24 hours, while recovering from a 30-day low of $2,116.

Notably, ETH price has added nearly 21% over the last seven days, while its monthly gain was recorded at 20%.

This robust rally has caught the eyes of investors as well as market experts. It appears that the analysts are optimistic over a continuing rally for the asset, which has also sparked market enthusiasm.

Analysts Remain Bullish: $5k Target in Sight

Meanwhile, renowned analyst Merlijn The Trader has shared an Ethereum price chart, predicting a breakout to $5,000. Notably, he has cited the target as “just the warm-up.”

The analyst highlights a triple RSI bounce, an intact macro channel, and months of price coiling as indicators of an impending explosion in Ethereum price.

Adding to the bullish sentiment, analyst Rekt Capital has highlighted the current Ethereum dominance. He noted that it has reached over 10% market dominance in an uptrend for the first time since March 2020.

Notably, this also comes as the Ethereum Fear & Greed Index reached 75, indicating a “greed” sentiment in the market.

Meanwhile, analyst Javon Marks has also echoed a bullish sentiment, projecting ETH to break through $4,000 in the short term.

Besides, he noted that once it breaks through $4,000, the Ethereum price is poised to hit $4,811 and may continue to $8,500.