Ethereum (ETH) Pumping Today: Why Is ETH Price Rising? Will It Hit $15,000 This Year?

After several months of lackluster performance, Ethereum is showing improvement, even ranking as a top gainer over the past day. Specifically, Ethereum is

After several months of lackluster performance, Ethereum is showing improvement, even ranking as a top gainer over the past day. Specifically, ETH is up by 3% in the last 24 hours, with a weekly gain of 4%, as it trades at $2,810.

This positive gain comes despite BTC dipping by 0.5% over the past day, with a negative weekly growth of 1.2%. Among the top ten most prominent crypto assets, Ethereum boasts the best gains. Others are either trading in the red, like XRP, or seeing only 1% gains, like Cardano (ADA).

With Ethereum's resilience amid the largely passive market, many are now more confident in the asset's trajectory in this bull market.

Why's Ethereum Pumping Today?

The ongoing price surge in Ethereum follows ByBit’s ongoing re-acquisition of ETH tokens after the weekend exploit that saw 500,000 ETH tokens carted away. The exchange did not immediately acquire ETH to cover the influx of withdrawals. Instead, it took loans from partners, such as Bitget.

Related: Bybit Sees Surprise $4B Inflows After Major Hack as Partner Support Floods In

Now, ByBit has commenced acquiring ETH tokens to further cover the deficit from the $1.5 billion hack. According to market watcher Lookonchain, ByBit initially used 100,000,000 USDT to acquire 36,893 ETH yesterday evening. Another 34,863 ETH were acquired hours later, bringing the total acquisition to 71,756 ETH.

As of today, further acquisitions were made by ByBit, bringing the total ETH purchased to 106,498 ETH tokens, all within the last 24 hours, for a total of $295 million.

This massive buying pressure has been evident in ETH’s price over the past day. Now, market watchers are speculating on where ETH is headed.

How High Will ETH Go?

According to Ash Crypto, a prominent crypto commentator with 1.6 million followers on X, ByBit’s buying pressure could be sufficient to send ETH back to $4,000.

In a previous commentary, Ash Crypto argued that Ethereum could reach $15,000 this year. This projection relied on Ethereum repeating the pattern it followed in last season’s bull run.

“Ethereum pump will melt faces,” he said. For context, from ETH’s price of $2,810, reaching $15,000 would mean a 434% gain for current holders.

Related: Ethereum Eyes a Potential Parabolic Rally in 2025 with $15K-$25K Target

Analyst “Crypto Elites” shares a similar sentiment about ETH reaching $15,000. According to him, the journey to this height will commence once ETH breaks the $4,000 price point.

Another market commentator, “Abhi Unchained,” also cited technical patterns but argued for a $19,000 peak.