Ethereum (ETH) could soon reach an all-time high for the first time since 2021 if investors maintain the buying momentum seen this week.
As CNBC reports, citing data from Coin Metrics, the price of Ethereum rose by more than 5% to $4,740.48, about $200 less than the historical high of November 2021.
Analysts at financial conglomerate Standard Chartered noted that large funds have purchased about 3.8% of all Ethereum circulation since the beginning of June 2025. This is almost twice as fast as ever for Bitcoin from similar buyers.
BitMine Immersion Technologies and SharpLink Gaming alone have purchased almost 2.3 million ETH, or about 1.9% of the total supply, in two and a half months. This is what is pushing the cryptocurrency up.
"Ethereum is the biggest macro deal of the next 10-15 years, and a lot of that is because stablecoins have become a kind of 'GPT chat moment' for cryptocurrencies. And now we have the GENIUS Act and the SEC's crypto bill, which is Wall Street's launch on blockchain," said Fundstrat's Tom Lee, who became chairman of the board of directors of BitMine Immersion Technologies.
In turn, Jeff Kendrick, head of digital asset research at Standard Chartered, raised his Ethereum price forecast from $4,000 to $7,500 by the end of this year and from $7,500 to $25,000 by the end of 2028.
According to analysts at the financial conglomerate, conditions for the world's second-largest cryptocurrency have "improved significantly" due to active purchases by corporate treasuries, exchange-traded funds (ETFs), new rules for stablecoins in the US, and an updated technical roadmap.
It is noted that GENIUS, signed by Trump in July, created a federal database for stablecoins. According to experts, this database will contribute to the influx of activity in Ethereum, since more than half of all stablecoins exist on its blockchain.
The market capitalization of stablecoins is projected to reach $2 trillion by the end of 2028. This will increase both direct fee revenues on Ethereum and indirect activity in decentralized finance, where 65% of the value locked is currently on the ETH network. The majority of stablecoins pegged to the US dollar operate on the Ethereum network — over $131 billion of the total market capitalization of $254 billion.
Recall that in March 2025, US President Donald Trump announced the creation of a "US Strategic Crypto Reserve", naming Bitcoin, Ethereum, Ripple, Solana, and Cardano as key assets that will be included in it.
"A U.S. Crypto Reserve will elevate this critically important industry after years of corrupt attacks by the Biden administration. That's why my executive order on digital assets directed the President's Task Force to advance the creation of a Strategic Crypto Reserve. I will make the United States the crypto capital of the world. We are Making America Great Again!", declared U.S. President Donald Trump at the time.