Ethereum Price Surges Past $2,700 as Institutional Buying Intensifies
Ethereum's price surged past $2,700 this week as institutional buying intensified, driven in part by the success of spot Ethereum exchange-traded products (ETPs) in the United States. According to data from SoSoValue, these ETPs attracted a net inflow of approximately $270 million on September 22nd, with BlackRock's ETHA drawing in $110 million.
The surge has also been accompanied by significant on-chain activity, with blockchain intelligence provider Lookonchain tracking new whale accumulation. One over-the-counter whale acquired 4,500 ETH, increasing its total holdings to around 37,000 ETH, while a separate large holder converted 200.71 BTC into 6,247 ETH.
Corporate Ethereum accumulator BitMine Immersion has also increased its holdings, acquiring an additional 12,500 ETH following its previous purchase of 27,562 ETH from the prior week. Its estimated total holdings now approach 5.98 million ETH, valued at approximately $16.5 billion based on current pricing.
Market analyst Ted noted that a weekly close above the 100-week simple moving average could target the $3,300-$3,400 zone, while seasoned trader Peter Brandt identified a potential price objective near $8,674 following a decisive breakout above the $5,000 level.