Strategic Ethereum Reserve hits $2.1B – Can ETH target $3K now?

• ETH has seen a growing interest from business treasures.
• Is the institutional interest sufficient to push ETH to the psychological level of $ 3K?

Strategic Ethereum [ETH] Reserve (SER) has raised momentum to rivalry with a prosperous bitcoin and Solan [SOL] Corporate cash registers.

The institution and even the State of Michigan together owns $ 2.1 billion ETH (789 905 coins).

Ethereum Foundation, Coinbase and Golem Foundation are the highlight of charts on the ranking.

The US government was 59 965 ETH, while the state of Michigan has 4000 ETH. The royal government of Bhutan, a prominent BTC miner, accumulated 495 ETH.

Will institutional require ETH fuel?

A similar growing demand for corporate cash register in BTC ecosystem from companies such as strategy, supported BTC prices. Does ETH record a similar growth?

According to Cryptoquant, ETH demand was concentrated mainly in the hands of large players, probably institutions.

Since the end of 2024, large holders with 10 K-100 ths have increased since the middle of 2024. ETH (blue) and 1K-10k ETH (orange).

These two Whale categories had 16.7 million ETH and 12.5 million ETH.

But they with 100-1K ETH, probably retail (green), reduced their shares from approximately 14 million ETH to 9 million ETH.

In other words, institutions were dominant on the ETH market and the growing trend of strategic reserves could support further accumulation and evaluation of value.

This means that ETH gained more than 90% of its minimum April $ 1,385 and briefly tested $ 2.7,000 for the first time since February. Analysts combined the rally catalysts with a successful upgrade of Pectra and restored the sentiment of risk.

Now ETH has returned to the price range of the 2024 price range in August 2024 of $ 2.3,000 -2.8 000. The escape to the extent and removal of the overhead resistance to $ 3K (red zone) would confirm further movement upwards. Otherwise, short Cool-off may be likely.

Despite a strong reflection, there was still criticism against ETH on Crypto Twitter (CT).

According to Zach Rynes, community intercourse in chainlink, ETH was in a three -point struggle and was far from a victory.

Although other market observers disagreed With Rynes’ views, the ETH market has appeared strongly for further awake.

Coinglass data He revealed that Binance’s best traders have increased their long positions from 63% at the beginning of May to 74% in the last four days. Simply put, intelligent money was still on ETH, despite their massive 90% recovery.