Since June, corporate treasuries and spot Ethereum ETFs have absorbed 4.9% of the total coin supply. This pushed the crypto asset to a new all-time high of $4,955.

However, valuations of companies like SharpLink Gaming and BitMine Immersion have fallen below Strategy’s NAV multiple.

“Given that firms holding Ethereum reserves can generate yields of around 3% through staking, I see no reason why their NAV multiples should be lower than MSTR’s (which doesn’t receive such income),” Kendrick said.

Last week, SharpLink even announced that if its net asset value fell below a factor of 1, the company would begin buying back its shares. This, they said, would create a “floor” under the stock price.

Ethereum Forecast

The Standard Chartered analyst maintains his price forecast for Ethereum at $7,500 by the end of 2025 and $25,000 by 2028. He called the recent correction “an excellent entry point.”

Traders are also optimistic: on prediction platform Myriad, they estimate a 74% chance of Ethereum reaching $5,000 within the next four months.

Ethereum Forecast Source: Myriad

As Decrypt notes, technical indicators also support a positive outlook:

  • ADX at 39 indicates a strong bullish trend;
  • RSI at 58 avoids overbought and oversold zones;
  • The moving average configuration maintains a “golden cross.”

Key support levels are currently at $4,000 and $3,500, while resistance lies near $4,800.

However, historical data points to potential risks. On average, Ethereum prices fall 6.42% in September. If the cryptocurrency holds current levels, the traditionally “green” October could act as a catalyst for a move toward $5,000.

However, historical data points to potential risksSource: CoinGlass

Crypto trader Axel Bitblaze emphasized that Ethereum has broken out of a “four-year bullish megaphone.” According to him, the current market structure points toward a move to $6,800–$7,000.

Meanwhile, investor Jelle believes the next target is $10,000.

Over the past 24 hours, Ethereum has risen 3.38%, and 8.1% over the week. At the time of writing, ETH is trading at $4,604.

Earlier, FORECK.INFO reported on the topic “Ethereum on Track for $5,000: What’s Driving the ETH Rally”, where analysts highlighted ETF inflows, treasury accumulation, and Powell’s dovish stance as key drivers of the ETH surge.