Ethereum (ETH) price is currently demonstrating its prowess as the leading market altcoin.

Among the top 10 cryptocurrencies by market capitalization, Ethereum has recorded the highest gains in the past 24 hours.

Among the top 10 cryptocurrencies by market capitalization, Ethereum (ETH) has recorded the highest gains in the past 24 hours. Considering the latest price performance, ETH will likely hit a new local high soon. One market expert even projected the $4,000 price target for ETH.

"All dogs have their days—woof woof $ETH

Still no leveraged et al

But interesting rotation out of SOL into ETH (and interesting timing given the timing of the BlockFi liquidation rumors).

"Unlikely" et al

Well one Consensys-associated wallet just purchased 320M in ETH. It seems like they are planning to launch an ETH product or service soon.

— Arkham Intelligence (@ArkhamIntel) August 21, 2025This development comes as several market participants are placing bullish bets on Ethereum.

The DeFi and ETH ETF sectors are actively contributing to the ongoing accumulation of ETH. According to Farside Investors, the ETH ETFs have seen consistent inflows since May 22.

As of June 9, the nine-spot ETH ETFs clocked in a collective total of $52.7 million in outflows.

Out of the displayed ETFs, BlackRock’s ETHA took the lead with $35.2 million in outflows. Afterwards, Fidelity’s FETH achieved a close second with $12.9 million, followed by Grayscale’s ETH at $4.6 million.

The latest move by Consensys further pushes the narrative that institutions are pivoting to ETH.

The blockchain excels at delivering stablecoins, decentralized exchanges, and collateralized loans, rendering it the preferred chain for the DeFi sector.

The Ethereum stablecoin market cap on Layer-1 (L1) chains grew by 11% in 2025. So far this year, Ethereum L1 has processed over 30 million stablecoin transactions, compared to about 23 million by the same point in 2024.

The volume of transactions in decentralized exchanges (DEXs) on Ethereum L1 also saw a 6% increase in 2025.

The total transactions in DEXs on Ethereum L1 reached 14 million, up from 13 million in 2024.

This year, the transactions in collateralized loans on Ethereum L1 grew by 10%. So far, about 6 million transactions in collateralized loans have been executed on Ethereum L1 in 2025, compared to 5.5 million in 2024.

The interest in the Ethereum blockchain continues to rise among institutional investors.

The latest move by Consensys to purchase a huge sum of ETH could be a factor in the recent price surge of the altcoin.

The Ethereum price is currently demonstrating its prowess as the leading market altcoin. Among the top 10 cryptocurrencies by market capitalization, Ethereum has recorded the highest gains in the past 24 hours.

Considering the latest price performance, ETH will likely hit a new local high soon. One market expert even projected the $4,000 price target for ETH.

The Market Awaits an Ethereum Price Breakout

In an X post, market expert Peter Brandt released an ETH chart that revealed the altcoin looked ready to fly.

“All dogs have their days—woof woof $ETH,” Brandt captioned the post. His statements compare the Ethereum price trend to the latest frenzy among dog-themed memecoins.

In his chart, Brandt highlighted that ETH has seen a breakout from $2,498 to $2,710 on an hourly chart.

Additionally, Ethereumprice has moved above its 200-day Moving Average (MA) on a daily chart, which indicates a bullish rally ahead for ETH.

The 200-MA often acts as a dynamic support or resistance level. Thus, reclaiming the 200MA means ETH has broken past the $2,500 resistance, potentially turning it into a support level for future price action.

Ethereum traders and investors await a more bullish rally, possibly towards $4,000. In the last 24 hours, the price of ETH rose by 8.9% to $2,739. Ethereum price increased by 4.2% and 10% in the past week and month.

The trading volume, a crucial metric indicating traders’ interest, is also rising. The daily trading volume is up over 113% to $32 billion.

This metric shows investors increasingly accumulate ETH as they await further price upticks.

Why is Ethereum Winning?

Several factors have contributed to the optimistic sentiments in the Ethereum market. One notable factor is the latest rally in the Ethereum Exchange-Traded Fund Market.

According to data from Farside Investors, the ETH ETFs have consistently recorded inflows since May