Ethereum ($ETH) is nearing a likely historic phase in terms of price movement. As per the latest market data, Ethereum ($ETH) is changing hands within the $4,600 while approaching its all-time high (ATH) of $4,878, which occurred back in 2021’s November. As per crypto enthusiasts multiple tweets, Ethereum’s ($ETH) largest bullish trajectory has started. In this respect, the growing institutional accumulation is playing a crucial role.
$ETH Touches Key Milestone at $4,600, Nearing ATH Amid Robust Uptrend
In line with the market statistics, the top altcoin is commencing its largest bull rally. Complementing this, the recent jump above $4,600 has turned out to be a notable step. Keeping this in view, the market onlookers consider this ongoing rally as a key development for $ETH as it could raise the crypto asset’s price to its ATH in near term.
Particularly, the massive growth in institutional $ETH accumulation has emerged as a driving force behind this bull market. Hence, the data suggests that Ethereum is going to retest its ATH, presenting the signs of the biggest bull phase. Specifically, on the 8th of this month, nearly $460M was seen in inflows in the Ethereum ($ETH) exchange-traded funds (ETFs). This significantly outperformed Bitcoin ($BTC) ETFs, as they witnessed $400M.
8.26% Price Jump Indicates Likely Breakout in Near Term
At the moment, $ETH’s price has touched $4,642.10, indicating a noteworthy 8.26% rise over twenty-four hours. At the same time, the market capitalization of the crypto asset has also surged by 8.26% to touch $560.2B. Moreover, the 24-hour volume of Ethereum now stands at $62.35B, indicating a 39.79% growth in the meantime. Hence, it is possible for Ethereum to surpass its ATH even today.
Apart from that, Whale.Guru has asserted that the treasury-owned $ETH and ETFs have also jumped from just $24B, as seen in July, to almost $33B. This has decreased the existing supply on crypto exchanges to the lowest level following the year 2016.
Additionally, the current surge comes at a time when the overall altcoin market is making notable growth. Simultaneously, the aggressive price action of the top altcoin over the past few days highlights its potential to break out above the years-long price circle.
