Ethereum(ETH) price has surged past $3,800 amid heavy institutional buying, but therally is drawing fierce criticism from traders who view the gains asunsustainable.The world'ssecond-largest cryptocurrency jumped nearly 6% in the past day and more than25% over the week, driven by what analysts describe as massive whaleaccumulation and record inflows into spot ETH exchange-traded funds.Ethereumhas been rising for the ninth consecutive session, reaching its highest levelsin seven months. Traders are now asking: why is Ethereum going up? In thisarticle, we explore the reasons behind the rally and present the latestEthereum price predictions.Ethereum Price Today Risesfor 9th Straight Session, Hits 2025 HighEthereumprice today reflects strong bullish momentum, with the cryptocurrency breakingthrough key resistance levels. The $3,800 level represents a significantpsychological barrier that traders have been watching closely. Technicalanalysts note that Ethereum's performance has outpaced the broader CoinDesk 20Index, suggesting selective strength in the second-largest cryptocurrency.During theMonday session on July 21, 2025, the price of Ethereum reached an intraday highof $3,812, marking its highest level since December 2024, seven months ago. ETHis now riding a streak of nine consecutive daily gains and is currently testingthe $3,800 resistance level.Last weekalone, Ethereum gained over 26%, and it's up more than 50% for the month ofJuly—its strongest monthly performance in three years.Fundstrat'sMark Newton believes ETH could potentially reach $4,000 before July ends basedon technical chart patterns. The current price action shows Ethereum testingmulti-month highs while maintaining strong volume support, indicating genuinebuying interest rather than speculative froth.Why Ethereum Is Going Up?Severalfactors are driving Ethereum's momentum higher. Tom Lee from Fundstrat GlobalAdvisors predicts that Ethereum could reach $15,000 in the medium term, callingit "Wall Street's preferred choice" for blockchain infrastructure.Lee pointed to JPMorgan's stablecoin and Robinhood's tokenization projects asevidence that traditional finance is backing Ethereum over competitors.The primarydrivers behind why Ethereum is going up include unprecedented institutionaladoption, with U.S.-listed spot ether ETFs pulling in a record $2.18 billionlast week during what traders dubbed "crypto week" due to majorlegislation passing. This massive capital influx has pushed Coinbase's ETHreserves near all-time lows as demand outstrips available supply."Layer-1platforms like Ethereum, because they power entire ecosystems, often warranthigher valuation multiples, similar to how software firms command richerpricing than consumer businesses," Lee said.Technical AnalysisSuggests Ethereum May Test the $4,000 LevelAccordingto my technical analysis, the ETH/USDT pair has just broken above a long-termtrendline drawn from the 2021 highs. This breakout paves the way for apotential test of the upper boundary of the consolidation range that has beenforming since early 2024, as well as the psychologically significant $4,000level.However,this zone combines several key resistance points, including the 76.8% Fibonacciretracement of the 2021–2022 downtrend, a level that has already rejected priceadvances three times.So whileEthereum’s current rally remains strong and still has room to rise, contactwith the $4,000 mark may trigger a more pronounced bearish reaction.Whale Activity SignalsConfidenceData fromon-chain trackers shows one whale accumulated $50 million worth of ETH over theweekend at an average price of $3,714. Separately, crypto analyst Ali Martinezreported that Ethereum whales bought over 500,000 ETH in two weeks, suggestingquiet confidence among large holders.Whale activity on the Ethereum $ETH network is heating up. Over $18 billion in large transactions recorded in the past 24 hours! pic.twitter.com/VW6vw0GrLY— Ali (@ali_charts) July 20, 2025This whalebuying behavior historically precedes major price moves or ecosystemdevelopments. The accumulation pattern indicates sophisticated investors arepositioning for longer-term gains rather than short-term trading profits.Ethereum Short SqueezeLoomsDespite thebuying frenzy, many traders remain bearish on Ethereum's prospects. CryptoBanter called it "the most hated rally right now" on social media,noting unusually high short positioning.$ETH is the most hated rally right now 👀$331.17M worth of shorts are set to be liquidated when Ethereum reaches $4000. pic.twitter.com/tl3XbSqs5b— Crypto Banter (@crypto_banter) July 20, 2025Data fromCoinGlass suggests approximately $331 million in short positions could faceliquidation if ETH hits $4,000 - a level that technical analysis suggests couldarrive soon. This liquidation cascade would likely accelerate price momentum ina classic feedback loop as forced buying drives prices even higher.Corporate Treasury TrendEmergesA newfactor supporting prices is the emergence of public companies adopting Ethereumtreasury strategies. Firms like Bitmine Immersion Technologies and SharpLinkGaming have made large-scale ETH purchases, with some stocks surging up to 400%after announcing their crypto strategies.TraderPentoshi noted these "ETH treasury companies that are only a monthold" are "competing to get 1% of the supply each," creatingstructural demand that wasn't present in previous cycles. This corporateadoption trend mirrors what happened with Bitcoin in 2020-2021 but is happeningfaster with Ethereum.You may also like: Why Is Dogecoin Going Up Today? DOGE Price Predictions Eye Test of 5 Month HighsEthereum PricePredictions: Analysts Target $15-20KShort-TermEthereum Price Prediction (July-August 2025):Fundstrat's Mark Newton: $4,000 by end of JulyTechnical resistance levels: $4,200-$4,500 rangeConservative estimates: $3,900-$4,100 consolidationMedium-TermEthereum Price Prediction (Q4 2025):Tom Lee (Fundstrat): $10,000-$15,000 range possible by year-endColin Talks Crypto: $15,000-$20,000 in current bull cycleModerate forecasts: $6,000-$8,000 by December 2025Long-TermEthereum Price Prediction (2025-2026):Fundstrat's EBITDA model: Up to $15,000 based on ecosystem valueTokenization growth scenario: $12,000-$18,000 rangeConservative institutional adoption: $8,000-$12,000TheseEthereum price predictions are based on several key factors including thenetwork's dominance in tokenized real-world assets (currently over 60%),growing stablecoin usage, and increasing corporate treasury adoption.Ethereum Price Predictions Summary TableFundamental DriversSupporting Higher PricesEthereum'srally isn't purely speculative. The network currently hosts over 60% oftokenized real-world assets, a figure Lee expects will grow if stablecoinsreach the $2 trillion mark as Treasury officials have forecast. Nearly 30% ofETH supply remains locked in staking, reducing liquid supply available fortrading.Thetokenization trend represents a massive addressable market. As traditionalassets like real estate, bonds, and commodities move onto blockchain rails,Ethereum's first-mover advantage in this space becomes increasingly valuable.Market Structure ChangesBenjaminCowen highlighted that altcoins are underperforming relative to Ethereum,suggesting ETH is "capturing a disproportionate share of marketflows" and behaving more like Bitcoin did in previous bull cycles. Thisstructural shift indicates Ethereum is maturing from an altcoin into a digitalasset class of its own.Who didn’t give up on #ETH when it went home https://t.co/iMXlEI89V5— Benjamin Cowen (@intocryptoverse) July 20, 2025Theemergence of spot ETFs has created new demand channels while corporate treasuryadoption provides sustained buying pressure. These structural changes suggestthe current rally has more durable foundations than previous crypto marketcycles.Understandingwhy Ethereum is going up requires looking beyond short-term price movements tothese fundamental shifts in market structure, institutional adoption, andnetwork utility. While Ethereum price today reflects immediate momentum, thelonger-term Ethereum price predictions depend on these underlying trendscontinuing to develop.Why Has Ethereum Surged?Ethereum'srecent surge past $3,800 stems from several converging factors that havecreated a perfect storm for price appreciation. The primary catalyst has beenunprecedented institutional adoption, with U.S.-listed spot ether ETFsrecording $2.18 billion in inflows during a single week.Can Ethereum Reach $10K?Based oncurrent analyst projections and market fundamentals, Ethereum can absolutelyreach $10,000. Multiple respected analysts have issued price targets thatexceed this threshold, with some seeing it as a conservative estimate.Fundstrat'svaluation model provides the strongest case for $10,000+ prices. UsingEBITDA-based multiples similar to those applied to private firms like Circle,the research firm estimates ETH could be worth up to $15,000. Tom Lee supportsthis logic by noting that Layer-1 platforms warrant higher valuation multiplesbecause they power entire ecosystems, similar to how software companies commandpremium pricing over consumer businesses.How High Will ETH Go in2025?Pricepredictions for 2025 vary significantly among analysts, but most seriousforecasts place ETH well above current levels by year-end. Conservativeestimates suggest ETH could reach $6,000 to $8,000 by December 2025. Theseprojections assume steady but not explosive growth in institutional adoptionand tokenization usage.Moderatebullish scenarios point to $10,000 to $12,000 by year-end. This range assumescontinued corporate treasury adoption, successful ETF growth, and steadyprogress in tokenizing traditional assetsThis article was written by Damian Chmiel at www.financemagnates.com.