Ethereum has recently surpassed $4,600, driven by significant institutional demand from treasury companies and inflows into ETFs. According to CryptoQuant, there has been a notable increase in staking activities, highlighted by a whale moving $645 million in ETH for staking. This heightened interest has led 73% of traders on Myriad, a prediction market, to believe that ETH may soon reach $5,000, up from 61% earlier in the week. CryptoQuant's Head of Research, Julio Moreno, suggests this institutional backing positions Ethereum similarly to Bitcoin following its ETF approval, providing a substantial long-term advantage. Despite some profit-taking by whales, the overall trend remains bullish. As Ethereum's validator entry queue reaches a two-year high, with approximately 860,000 ETH waiting to be validated, the growing institutional interest indicates a robust market environment, even as potential price corrections loom if significant resistance levels are not breached.

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