On Wednesday, Ethereum (ETH) took a major leap forward when its price increased by 10%, bringing it inches closer to its all-time high of $4,867. Spot Ethereum Exchange Traded Funds (ETFs) noted an inflow of over $2.3 billion within six days. Traders are now speculating that Ethereum is gearing up for entering price discovery and it can potentially ascend as far as $13,000.
Ethereum’s Remarkable Rise
The ETH/USD pair exhibited an upswing, administering 8% growth within 24 hours on Wednesday. It even touched an intraday high of $4,715, which is not much distant from the all-time high attained in November 2021. The intensified drive supporting Ethereum’s growing stature suggests that it is gearing up to create new records.
Data provider Glassnode emphasised the correlation between Ethereum’s performance and the wider performance of altcoins. The increased potency of Ethereum is already encouraging predictions of more gains. The bolstering fortunes of Ethereum are supported by the restored demand from investors who have shown significant interest in spot Ethereum exchange-traded funds, or ETFs.
Spot Ethereum ETFs Experiencing Capital Inflows
The ETFs focusing on Ethereum have witnessed an inflow streak of six days, during which they accumulated a total of $2.3 billion. Notably, on Monday itself, they recorded a significant net inflow of $1 billion. Furthermore, a surge in Ethereum’s accumulation by treasury companies has been noticed. Recently, the ETH holdings surpassed the extensive amount of $16.5 billion.
Cryptocurrency investor and company BitMine Immersion Technologies is leading the accumulation race with a whopping 1.2 million ETH, which translates to $5.33 billion. Following closely, SharpLink Gaming has acquired 598,800 ETH, noting a growth of 177% within a duration of a month. The Ether Machine lays claim to 345,400 ETH. Notably, 30% of Ethereum available in the market is staked, which means it cannot be sold instantly. This projects strong upward potential for Ethereum’s value.
Ethereum’s Daily Transaction Count and DeFi TVL
The daily transaction count of Ethereum also surged to a near-record level of over 1.87 million on Tuesday. The record for the highest number of transactions, set in July 2025, saw approximately 50 million transactions which is the highest in over a year. Notably, the total value locked (TVL) in Decentralized Finance (DeFi) is nearing an all-time high. Currently, it stands at $95 billion with 61% market share. This increase in the network’s activity highlights the robust demand and utility.
Ethereum’s Potential Price Discovery Phase
Analysts believe that the next significant barrier for Ethereum is near its all-time high, around the psychological level of $4,700. The selling pressure on Ethereum usually kicks in around this price level. However, if Ethereum can succeed in maintaining its transaction momentum and break past $4,750, it may trigger what is called the price discovery phase, suggesting uncharted territory for a financial asset’s price. Several analysts have suggested that Ethereum could ascend beyond $10,000 during the price discovery phase, with potential targets ranging from $7,000 to $13,000.
As Ethereum broached the formidable $4,000 level, the price predictions for Ethereum during the current bull market escalated to a stratospheric $20,000 mark. However, like every investment, trading Ethereum, or any other cryptocurrency, comes with its own set of risks. Therefore, prospective investors and traders should perform comprehensive research before entering the market to protect their investments.
Finally, it is clear that Ethereum has had a strong performance recently and the market sentiment seems to suggest a continued upward trajectory. The increased demand for Ethereum, soaring daily transactions, increased capital inflow into spot Ethereum ETFs, and record TVL in DeFi projects demonstrate the various strengths of Ethereum which could certainly contribute to an exciting journey of price discovery.
