- Ethereum price has formed a macro bottom akin to the pre-2021 parabolic rally.
- On-chain data analysis shows the Ethereum network has received renewed interest from institutional investors.
- The odds of altseason 2025 having started are high with Ether price above $3.1k against.
Ethereum (ETH) price has soared above $3,140 for the first time in 23 weeks on Wednesday, July 16. The large-cap altcoin, with a fully diluted valuation of about $378 billion, surged 5.53% in the past 24 hours to trade at about $3,141 on Wednesday during the early European trading session.
After having experienced a significant resistance level around $2.6k in the past two months, Ether price has confirmed a successful weekly bullish breakout. The Ether price surge above $3.1k, amid the ongoing Bitcoin (BTC) price discovery, has coincided with a sharp uptick in Ethereum’s Open Interest (OI) above $46 billion for the first time since its inception.
Ethereum Demand from Institutional Investors Grows Exponentially
The demand for Ethereum has grown rapidly in the recent past fueled by institutional investors’ shift from Bitcoin. For instance, BitMine Immersion recently increased its Ether holdings to 163,142 units after closing its initial private placement of $250 million.
According to an SEC filing, Peter Thiel, co-founder of payment giant PayPal, indirectly holds a total of 5,094,000 shares of common stock in Bitmine Immersion, through multiple affiliated entities, which represents 9.1% of the outstanding shares.
Related: Ethereum (ETH) Price Prediction For July 16
On Tuesday, SharpLink Gaming announced a strategic acquisition of 74,656 Ether, thus increasing its Ethereum holdings to 280,706 coins. The notable demand for Ether from corporations coincides with the recent wave of cash inflows to the U.S. spot Ethereum ETFs in the past four months.
According to the latest market data, the U.S. spot Ether ETF has recorded a net cash inflow of over $1.3 billion in the first two weeks of July alone.
What’s Next for Ether Price?
Ethereum price has continued to signal macro bullish sentiment amid the weakening U.S. dollar. From a technical analysis standpoint, Ether price has formed a similar fractal pattern to the 2021 crypto bull rally, which resulted in a 55X return from the cycle bottom.
Related. The Ethereum Foundation Is Rebuilding Its Core with ZK-Proof Technology
The Ether’s bullish sentiment is also bolstered by the breakout of the ETH/BTC pair, which signaled the onset of the 2025 altseason. Additionally, the weekly MACD line surged above the zero line for the first time in 2025 amid growing bullish histograms.
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