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- Amid the ETH price rally, Ethereum’s market dominance is rising, which could set the stage for an altcoin-led bull run.
- Since July 10, over 1.035 million ETH worth $4.17 billion have been accumulated by unidentified whales or institutions.
Ethereum (ETH) price has once again been on an unstoppable rally, gaining an additional 7% in the last hours, and currently trading at $4,189, while extending its weekly gains to 21%. This is the first time since December 2024, that ETH price has surpassed these levels. If the bulls manage to hold above $4,000, it could set the stage for a rally to $5,000 and new all-time highs.
ETH Price Breakout and Rally Ahead
Popular crypto analyst Daan Crypto Traders noted that ETH price is attempting a breakout and is trading at new cycle highs, the highest levels since December 2021. The analyst notes that daily and weekly closes above the current range could pave the way for a move toward new all-time highs. The rally may also boost other altcoins as Bitcoin dominance continues to decline.
Market analysts have already stated that this could be the beginning of the mega bull run for ETH, moving ahead. Michael van de Poppe believes that Ethereum could lead the next altcoin bull run, as mentioned in our previous story.
Popular trader and analyst Rekt Capital highlighted Ethereum’s growing dominance with the total crypto market cap. He added that Ethereum dominance is already about 50–60% into its macro uptrend. In a post on X, he shared a chart comparing the current ETH price action to ETH’s bull run in 2021.
ETH Treasury Race and What Acquisition on the Rise
The recent ETH price rally comes on the heels of a strong corporate race between ShaprLink Gaming (NASDAQ: SBET) and Tom Lee’s Bitmine Technologies (NYSE): BMNR) for Ethereum acquisition. Of the total ETH corporate holdings of over 3 million across 62 firms, sharpLink and Bitmine together contributed a staggering 1.35 million of the ETH holdings.
But in his latest interview, Ethereum co-founder Vitalik Buterin raised caution on ETH treasury firm’s massive accumulation, as reported by CNF. Citing MicroStrategy, Vitalik warned that the situation could risk damaging the project’s reputation and credibility. However, he expressed confidence that the Ethereum community and treasury firms are responsible enough to navigate it safely.
Furthermore, data from EmberCN shows that since July 10, more than 1.035 million ETH, valued at approximately $4.17 billion, have been accumulated by unidentified whales or institutions through exchanges and institutional platforms.
During the same period, ETH has surged 45%, rising from $2,600 to $4,000. Most of these holdings are believed to belong to institutions or U.S.-listed companies with ETH reserves. The average price of ETH accumulation is 3,546.
