Ethereum’s performance this cycle has been nothing short of impressive, with July ending on a high note as ETH surged 56% and finally broke through the $2,813 level that had held it back for over a year. Many analysts viewed this technical breakout as a sign of a broader shift toward stronger support for the top altcoin.
The rally, however, hasn’t been a smooth sail. Early in August, there were rounds of profit-taking and changing macroeconomic conditions, which pulled the asset back to the $3,400 price range. Despite this, institutional interest appears to be picking up again. ETH holdings across tracked treasuries have now topped $10 billion, with recent purchases by firms like BitMine Immersion and SharpLink Gaming.
Billions in fresh liquidity have the potential to reinject confidence into the market, lift market sentiment, and increase trading volume across top altcoins. Adding to the optimism, Ethereum recently formed a rare MACD golden cross against Bitcoin, catching the attention of analysts, some of whom are predicting the asset could climb as high as $20,000 within the next fourteen days.