ETH surpasses 3,700 USD - Is the race to 10,000 USD beginning?

While Bitcoin is dominating with ETFs and memecoins shaking up the market, Ethereum has quietly accumulated. Now, it is not only back – but is exploding with the power to shape the entire cycle.

In a short period, Ethereum has surged past 3,700 USD, reaching levels not seen since 2021. But this time, the story doesn't just stop at price. Institutional capital is flowing in strongly, official ETFs are coming into operation, and retail investor sentiment is shifting back to optimism. The price level of 10,000 USD – once considered fanciful – is now being put on the table by many experts as a completely attainable goal.

So what has changed?

Ethereum – The Backbone of Decentralized Finance

To understand the price increase of ETH, one must start from the core factor: Ethereum is not just an altcoin – it is the essential infrastructure of Web3.

Ethereum is the backbone for DeFi, NFTs, DAOs, and most tokenized assets. It is where "giants" like OpenSea, Uniswap, MakerDAO, along with thousands of other on-chain applications operate. Each minted NFT and every lending-borrowing protocol utilized are leveraging the power of Ethereum.

After The Merge, Ethereum has transitioned to a proof-of-stake mechanism, reducing energy consumption by up to 99.95%, making it more friendly to organizations concerned about ESG. EIP-1559 also turned ETH into a deflationary asset, as the amount of tokens burned during peak times can exceed the amount of new issuance.

The loyalty of developers has not diminished at all. Ethereum continues to lead in total value locked (TVL), the number of developers, and the depth of the ecosystem. Despite the wave of emerging L1 blockchains, Ethereum remains the "default destination" for serious projects – and this is unlikely to change in the near future.

Why ETH Once Lagged Behind – and Why That Is a Bullish Signal?

In fact, Ethereum has been surpassed by Bitcoin and Solana in the early stages of this cycle. Bitcoin benefits from the ETF wave, while Solana leads the memecoin frenzy thanks to its speed and low costs. What about ETH? It merely exists quietly – neither exploding nor making a splash.

But perhaps, that is the accumulation phase before the breakout.

Now, the spot ETH ETF is officially operating, capital is flowing in strongly, and the legal environment is becoming clearer. Smart money – from large institutions – is returning to Ethereum. History shows that ETH usually accelerates slowly, but when it breaks out, it moves extremely fast. And perhaps, that scenario is starting to repeat.

Breaking through 3,700 USD – but the feeling is completely different

This price increase of Ethereum has a completely different tone.

ETH surpassed the 3,700 USD mark not due to retail capital but accompanied by a record trading volume of 46 billion USD according to CoinGlass. Giants like BlackRock, VanEck, and Fidelity are currently managing Ethereum ETF products – a clear testament that the game now belongs to large institutions.

Weekly ETH price chart | Source: TradingviewNot only that, retail investors are also returning: searches for Ethereum on Google have surged, discussions on social media are more vibrant, and trading volume from small wallets on the exchange has recorded a significant increase.

And don't forget, each transaction on the Ethereum network burns a portion of the supply, while staking and cold storage ETFs continue to draw ETH out of the circulating market. Supply decreases, demand increases – a classic scenario for a sustainable price increase.

10,000 USD – a pipe dream or reality?

The threshold of 10,000 USD is no longer a "distant dream."

Standard Chartered forecasts that ETH could reach $8,000–$12,000 by the end of 2025, thanks to ETF capital flows, strong institutional participation, and specific deflationary mechanisms. VanEck even referred to Ethereum as "the infrastructure of digital assets," implying the potential of trillions of dollars that this network could achieve.

What makes Ethereum different? It generates profit. Through staking, revenue from L2 solutions, and new financial products, ETH is not only a store of value like Bitcoin but also a truly profitable asset.

In the context of cooling interest rates, a favorable macro environment, and retail investors returning, the 10,000 USD mark is gradually becoming a feasible target – not just a distant prospect.

Ripple Effect – Is Ethereum Leading the Cycle?

If ETH rises sharply while Bitcoin remains flat, we could witness a price increase cycle led by Ethereum – with a ripple effect on DeFi, Layer 2 solutions, and the entire altcoin ecosystem.

If ETH reaches 5,000 – 7,000 – even 10,000 USD, projects like Lido, Arbitrum, Optimism, AAVE and a host of other protocols will benefit directly.

This is not just a short-term price increase. This could be a real shift in power in the Web3 world.

Ethereum has allowed Bitcoin and Solana to take the "spotlight" for many months. But now, ETH is making a comeback – stronger, backed by ETFs, institutional capital, and a robust ecosystem.

The target of 10,000 USD was once a dream. But at the current level of 3,700 USD, with new capital flowing in every day, it is becoming a plausible scenario.

The next few months will be a decisive period: Will Ethereum truly become the center of this cycle – and possibly, of the entire Web3 future?

Emma