Ethereum prices I skated a few days after setting a new all-time high, below $4,400 on Friday morning.
ETH has since recovered to over $4,400, but it fell 4.4% that day, surpassing the broader Crypto Market’s 2.6% drop, according to Coingecko data.
The decline comes later Ethereum On August 24, it set a new all-time high of $4,946.05, with the token falling 11% from its peak. Despite the recession, ETH has risen 16.6% in the past month and 73.2% in the past three months.
The latest fall hit highs after Ethereum struggled to maintain momentum earlier this year. However, the return of investors’ profits has emerged in recent weeks and is supported by the steady accumulation of large, publicly traded Treasury ministries.
Institutions that buy ETH
According to Coingecko data, 11 institutions currently own more than 3 million ETH, worth around $13 billion.
Among the biggest was Sharplink Gaming on Tuesday added about $252 million in Ethereum, and bought 55,463 ETH at an average price of $4,462. The purchase increased its total holdings to 797,704 ETH, worth $3.6 billion.
The company, which started its life as a gambling marketing company, pivots towards a financial strategy focused on Ethereum, counting Ethereum co-founder Joseph Rubin as a board chair.
“The successive implementation of Sharplink’s ETH financial strategy continues to demonstrate the strength of our vision,” Sharplink co-CEO Joseph Shalom said in a statement, adding that the company views it both as building long-term shareholder value and supporting the Ethereum Ecosystem.
Earlier this week, a research note by Standard Chartered called Ethereum’s “a great entry point,” called Ethereum’s Pullback, claiming ETH will reach $7,500 by the end of the year. Jeffrey Kendrick, head of the bank’s digital assets, claimed that he was “just starting out,” scooping up the available supply of Ethereum finance companies and swapping trade funds for ETH.
Countless sales in the forecast market DecryptionParent company Dastan), users tend to agree to the bullish outlook for standard chartered, predicting ETH to reach $5,000 in 2025.
Meanwhile, Ethereum’s fundamentals show tension, with more than 1 million ETH exit queues being set up to be withdrawn from staking, contributing to record transaction latency and highlighting the challenges of permanent scaling of the chain.
Turbulence comes when the broader crypto market is stable after the weekend’s sale was triggered by Bitcoin Zilla, which dropped $2.7 billion worth of BTC.
