- Ethereum has gained 3% in the past 24 hours, trading at $2,810, outperforming other major crypto.
- ByBit has aggressively acquired ETH tokens to cover a $1.5 billion hack.
- Analysts predict Ethereum could reach $15,000 or even $19,000 by 2025.
After several months of lackluster performance, Ethereum is showing improvement, even ranking as a top gainer over the past day. Specifically, Ethereum is up by 3% in the last 24 hours, with a weekly gain of 4%, as it trades at $2,810.
This positive gain comes despite Bitcoin’s price dipping by 0.5% over the past day, with a negative weekly growth of 1.2%. Among the top ten most prominent crypto assets, Ethereum boasts the best gains. Others are either trading in the red, like XRP or seeing only 1% gains, like Cardano (ADA).
With Ethereum’s resilience amid the largely passive market, many are now more confident in the asset’s trajectory in this bull market.
Why’s Ethereum Pumping Today?
Notably, the ongoing price surge in Ethereum follows ByBit’s ongoing re-acquisition of ETH tokens after the weekend exploit that saw 500,000 ETH tokens carted away. The exchange did not immediately acquire ETH to cover the influx of withdrawals. Instead, it took loans from partners, such as Bitget.
Related: Bybit Sees Surprise $4B Inflows After Major Hack as Partner Support Floods In
Meanwhile, ByBit has commenced acquiring ETH tokens to further cover the deficit from the $1.5 billion hack. According to market watcher Lookonchain, ByBit initially leveraged $100 million USDT to acquire 36,893 ETH yesterday evening. Another 34,863 acquisitions followed hours later, with the total acquisition reaching $197 million.
As of today, ByBit has made more acquisitions, with total purchases standing at 106,498 ETH tokens worth $295 million, all within the last 24 hours.
This massive buying pressure has been evident in ETH’s price over the past day. Now, market watchers are speculating on where Ethereum is headed.
How High Will ETH Go?
According to Ash Crypto, a prominent crypto commentator with 1.6 million followers on X, ByBit’s buying pressure could be sufficient to send ETH back to $4,000.
Meanwhile, in a previous commentary, Ash Crypto argued that Ethereum could reach $15,000 this year. This projection relied on Ethereum repeating the pattern it followed in last season’s bull run.
“Ethereum pump will melt faces,” he said. For context, from Ethereum’s price of $2,810, reaching $15,000 would mean a 434% gain for current holders.
Related: Ethereum Eyes a Potential Parabolic Rally in 2025 with $15K-$25K Target
Analyst “Crypto Elites” shares a similar sentiment about Ethereum reaching $15,000. According to him, the journey to this lofty height will commence once Ethereum breaks the $4,000 price point.
Moreover, another market commentator, “Abhi Unchained,” also cited technical patterns but argued for a $19,000 peak.
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