Ethereum remains just below the key $4,000 mark, maintaining a bullish market structure amid rising momentum and tempered public sentiment.
Investors are closely watching for a breakout, especially after ETH surged past its moving average and rebounded sharply in recent weeks. Galaxy Digital CEO Michael Novogratz revealed the firm holds over 52,000 ETH worth $194 million and said Ethereum could outperform Bitcoin.
“ETH is entering its price discovery phase if it rises above 4,000,” Novogratz said Thursday, adding that while Bitcoin remains Galaxy’s largest holding, Ethereum is second. Galaxy’s overall crypto portfolio is valued at just under $1.9 billion, boosted by Bitcoin’s rise above $115,000 and ETH’s climb.
“In many of these markets, we’re in the price discovery phase,” he said. “Bitcoin could easily hit $130,000 to $150,000, but Ether is more appealing due to its supply dynamics and expanding user base.”
Ethereum has jumped over 50% in the last month and more than 160% since April. Bitwise CIO Matt Hougan said this surge is just the beginning, driven by growing institutional interest. He noted ETH-focused treasury companies are attracting funding, as their stock values now exceed the value of their crypto holdings.
Hougan believes Wall Street could pour as much as $20 billion into ETH-related products by 2026, while only 800,000 ETH is expected to be created during that time—an imbalance that could drive prices higher.
Crypto analyst David_kml echoed that sentiment, suggesting Ethereum could eventually hit $10,000.
Open interest in Ethereum has topped $27 billion across exchanges, reflecting rising leveraged positions and strong speculative activity. Despite this, funding rates remain modest, indicating that the market may not yet be overheated.
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