Ethereum (CRYPTO: ETH) has surged to a new all-time high of $4,955 thanks to aggressive buying by ETH treasury companies and exchange-traded funds, according to Standard Chartered.
What Happened: Since June, ETH treasuries have acquired 2.6 percent of circulating supply, while ETF inflows brought the combined total to 4.9 percent.
For comparison, the fastest equivalent net buying for Bitcoin was 2 percent in the fourth quarter of 2024.
Standard Chartered analysts expect this trend to continue, forecasting that treasury companies will eventually control 10 percent of Ethereum's supply, with BitMine (AMEX:BMNR) alone targeting 5 percent.
"As a result I forecast ETH to $7,500 by year-end," Geoffrey Kendrick wrote, calling the recent two-day selloff a "great entry point."
Also Read: GOAT Network Establishes Pilot Fund With 34 BTC Treasury Purchase
Why It Matters: The report also highlighted valuation dynamics.
Net asset value (NAV) multiples for leading ETH treasuries such as SBET and BMNR have dropped below that of Strategy, despite Ethereum treasuries benefiting from a 3 percent staking yield.
SBET's announcement of stock repurchases if its NAV multiple falls below 1.0 was described as establishing a floor for valuations.
Technical strategists are also pointing to near-term upside.
Mark Newton, Managing Director and Global Head of Technical Strategy at Fundstrat Global Advisors, said Ethereum is bottoming near $4,300 and could soon rally above $5,100, with a target of $5,400–$5,450.
"ETH is a very good risk/reward here. I am highly skeptical it breaks this trend nor breaks $4,067 from 8/18," Newton wrote.
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