Ethereum Price Dips Below $4,400 as Publicly Traded Treasuries Stack ETH
Ethereum's price fell below $4,400 after reaching an all-time high of $4,946.05 on August 24, marking an 11% decline from that peak. Currently, ETH is down 4.4% on the day, while the broader crypto market has dropped 2.6%. Despite this, ETH has increased by 16.6% over the past month and 73.2% over the last three months. Eleven institutions hold over 3 million ETH, valued at approximately $13 billion. SharpLink Gaming recently added $252 million in Ethereum to its reserves, totaling 797,704 ETH worth $3.6 billion. Standard Chartered views the recent pullback as a buying opportunity, predicting ETH could reach $7,500 by year-end. Nearly 80% of users on prediction market Myriad expect ETH to hit $5,000 by 2025. However, Ethereum faces challenges with over 1 million ETH queued for withdrawal from staking, leading to increased transaction wait times. The crypto market is stabilizing after a sell-off triggered by a significant Bitcoin liquidation.
