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Institutional Demand Pushes Ethereum Price Toward $3500
On Wednesday, July 16, the price of Ethereum (ETH) climbed above $3140 for the first time in 23 weeks. The high-cap altcoin, with a fully diluted valuation of approximately $378 billion, surged 5.53% in the last 24 hours, reaching around $3141 at the start of the European trading session.
After breaking through the strong resistance level around $2,600 over the past two months, Ethereum confirmed a successful weekly bullish breakout. The rise of Ethereum’s price above $3,100, alongside Bitcoin's continued rally, coincided with a sharp increase in Ethereum’s open interest, which exceeded $46 billion for the first time since its inception.
Recently, BitMine Immersion increased its Ethereum holdings to 163,142 ETH after completing a $250 million private placement.
According to a filing with the U.S. Securities and Exchange Commission (SEC), PayPal (NASDAQ:PYPL) co-founder Peter Thiel indirectly owns a total of 5,094,000 common shares of BitMine Immersion through several affiliates.
On Tuesday, SharpLink Gaming announced the acquisition of 74,656 ETH, raising its Ethereum holdings to 280,706 coins. Corporate demand for Ethereum coincided with significant inflows into U.S.-based spot Ethereum ETFs over the past four months.
From a technical analysis perspective, Ethereum’s price has formed a fractal pattern similar to the 2021 bull market, which resulted in a 55-fold increase from the cycle’s low.
Additionally, in 2025, the weekly MACD line rose above the zero mark for the first time, accompanied by strengthening bullish histograms.
See also: "Bitcoin price today: stability around $118K ahead of U.S. crypto bill vote"
