Ethereum (ETH) is propelling the cryptocurrency market higher, trading at $4,625, just 4% shy of its all-time high of $4,891. The second-largest cryptocurrency has gained close to 30% in the past week, outperforming all other top altcoins.

Driving this rally are record-breaking inflows into spot Ethereum ETFs, with $1.54 billion entering in just two days. BlackRock’s ETHA fund leads the charge, surpassing $10.5 billion in assets under management.

Institutional accumulation is adding fuel to the fire. BitMine Immersion Technologies announced plans to raise up to $24.5 billion for ETH purchases, aiming to control up to 5% of the total supply. SharpLink followed with a $389 million fundraising, dedicating nearly all proceeds to Ethereum acquisitions.

Analysts Target $5,241, or Higher

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