Ethereum Rockets Toward $5K as Trading Volume Nearly Doubles
Ethereum (ETH) is edging closer to a landmark $5,000 after an electrifying rally sent its price soaring to $4,830. In just 24 hours, ETH jumped 14.2%, accompanied by an extraordinary 93% surge in trading activity—pushing daily volume close to $70 billion.
The rally comes at a time when investor sentiment has turned sharply positive across global markets. A dovish signal from U.S. Federal Reserve Chair Jerome Powell reassured investors that interest rates may stay favourable for risk assets, providing tailwinds not just for equities but also for cryptocurrencies.
Behind Ethereum’s meteoric rise lies heavy institutional involvement. Data shows whales and corporate investors have been scooping up ETH even as major ETFs from BlackRock, Fidelity, and Grayscale trimmed their positions. In the past week alone, buyers absorbed $148 million worth of Ethereum, helping sustain momentum.
Adding fuel to the fire, Singapore’s DBS Bank executed a $1 billion tokenisation of notes directly on the Ethereum blockchain—a historic first for a major Asian financial institution. This development reinforced Ethereum’s position as a backbone for regulated financial products, strengthening its role as real-world financial infrastructure.
The upcoming Pectra upgrade is also drawing institutional demand by improving staking efficiency. With whale accumulation and validator interest converging, Ethereum’s fundamentals are aligned with its price momentum.
Technical charts show ETH in a strong uptrend, supported by bullish Elliott Wave patterns and a Relative Strength Index (RSI) of 66.75, high but not yet overbought. Analysts argue this leaves room for further upside.
Merlijn The Trader, a popular analyst, compared Ethereum’s current trajectory to its historic cycles in 2017 and 2020, arguing that ETH is entering its “explosive phase.” Javon Marks echoed this view, noting that Ethereum has already surpassed his $4,811 target and could potentially climb another 75% to $8,557 if momentum holds.
The broader crypto market is also riding Ethereum’s wave. The global market cap has surged to $4.02 trillion, while 24-hour trading volume jumped by 46% to $224.85 billion.
As Ethereum hovers near the psychological $5,000 barrier, market watchers say a breakout could trigger a fresh wave of FOMO-driven buying. Some traders are already setting their sights on $6,000 or even higher levels if current momentum persists.
