TLDR
- Crypto analyst forecasts Ethereum could hit $6000 using Wyckoff Model technical analysis
- BlackRock purchased 65,901 ETH tokens worth $315.6 million in latest filing
- BitMine Immersion now holds world’s largest corporate Ethereum treasury at $7.7 billion
- ETH must hold $4700 support to maintain bullish momentum toward $5000
- Record leverage levels and $1.65 billion stablecoin inflows signal market extremes
Ethereum price could surge to $6000 according to cryptocurrency analyst Merlijn Trader, who applied the Wyckoff Model to current market conditions. ETH traded at $4519.58 at press time after declining 2.3% over 24 hours.
The Wyckoff Model identifies five market phases: accumulation, markup, distribution, markdown, and re-accumulation. The analyst believes Ethereum completed a textbook accumulation cycle following a “Spring” pattern formation in early 2025.
This technical setup occurs when price breaks below support to eliminate weak holders, then successfully retests higher levels. The subsequent breakout “jumped the creek” above resistance, indicating strong buyer control.
According to the analysis, this structure points to a sustained markup phase with parabolic price appreciation potential. The $6000 target aligns with measured moves from previous consolidation ranges.
Despite the bullish technical outlook, Ethereum faces headwinds from profit-taking by short-term holders, even as institutional demand increases across the market.
Institutional Giants Drive Ethereum Accumulation
BlackRock, managing over $10 trillion in assets, acquired 65,901 ETH valued at approximately $315.6 million according to August 26 regulatory filings. The asset manager paid around $4441 per token, above prevailing market rates.
Total Ethereum inflows reached $443 million over 24 hours, with BlackRock representing roughly 71% of that activity. The massive institutional buying occurred despite ETH price weakness from retail profit-taking.
BitMine Immersion secured the title of world’s largest corporate Ethereum holder with 1,713,899 ETH worth $7.7 billion. The Las Vegas technology firm’s total crypto and cash reserves now stand at $8.82 billion.
This positions BitMine ahead of other major ETH holders including SharpLink Gaming. On the broader corporate crypto treasury rankings, BitMine ranks second behind MicroStrategy’s $71 billion Bitcoin position.
The institutional accumulation trend highlights growing corporate adoption of Ethereum as a treasury asset, driven by smart contract utility and DeFi ecosystem growth.
Ethereum Price Prediction
Ethereum rallied 5% Monday after absorbing the latest “Monday Trap” liquidations that consistently target leveraged long positions early each week. ETH outperformed Bitcoin’s 1% gain during the same period.
However, derivatives metrics show concerning leverage buildup. Binance’s Estimated Leverage Ratio hit a record 0.53, up dramatically from 0.09 in mid-2020. ETH open interest reached an all-time high of $70 billion Friday.
These extreme readings often precede sharp deleveraging events that flush out overleveraged traders. The high leverage environment increases short-term volatility risk despite bullish fundamentals.
Spot market flows remain constructive with $1.65 billion in stablecoin deposits on Binance this month. Additionally, 208,000 ETH withdrew from exchanges worth $1 billion, suggesting long-term accumulation.
For continued upside, ETH must reclaim $4700 as support. A decisive daily close above this level would align timeframe structures and open the path to $5000. Failure risks consolidation between $4700-$4350 or deeper correction below $4350.
BlackRock’s latest $315 million Ethereum purchase and BitMine’s $7.7 billion treasury position demonstrate institutional confidence despite technical uncertainty at current levels.
