Key Takeaways
Crypto leaders expect ETH to break above $4K, with some projecting a $5.7K target. Low selling pressure reinforces the bullish outlook.
Ethereum [ETH] price has rallied 150% from its April lows and could surge much higher by the end of the year, according to Galaxy Digital CEO Mike Novogratz.
The executive downplayed claims that the recent ETH surge to $3.9K could mark its cycle top near $4K. Novogratz added,
“$3k-4k is now the range for a while. But my instinct is that it will be $4k that goes by the end of the year. Not $3k.”
Lee foresees a 60% ETH upside
Tom Lee, a Wall Street strategist, FundStrat CEO, and Chair of ETH treasury firm BitMine Immersion Tech, also projected a similar bullish outlook.
Per Lee, ETH was in a better position and could rally 60%, citing the ETH/BTC ratio, an indicator that tracks the relative price of the altcoin to BTC.
He projected that the ETH/BTC ratio could reclaim its last year’s level of 0.05 from 0.03, with an implied target of $5.7K if the projection is validated.
“ETH is a better story today than it was a year ago. ETH/BTC ratio now: 0.03144, a year ago: 0.05000. Implies 60% near-term upside.”
Source: Tom Lee/X
Institutional appetite and treasury build-up deepen ETH demand
Institutional demand has also boosted this bullish outlook for the asset.
In July alone, spot ETH ETFs saw $5.3 billion in inflows, marking the highest monthly demand the products have ever seen since they debuted last year.
Source: SoSo Value
Besides, the raging appetite from crypto treasury firms like BitMine, SharpLink Gaming, and The Ethereum Machine could further drive demand for ETH.
At press time, ETFs hold 5.84 million ETH, while crypto-native treasury reserves have ballooned to 2.73 million ETH, or 2.26% of supply.
In addition, there has been a relatively low sell-off in 2025 as ETH neared $4K compared to 2024.
Even the recent pullback from $3.9K to $3.5K didn’t record a spike in coins being sent to exchanges for sell-off.
Low exchange outflows reinforce bullish case
Source: CryptoQuant
In fact, ETH’s Exchange Netflow recently dropped to a two-year low, per CryptoQuant, signaling a continued accumulation trend.
In other words, there was more accumulation than sell-off as ETH hit recent highs, underscoring a bullish cue.
But any unforeseen macro headwind could dent this positive outlook, hence it is worth tracking closely.
