Ethereum Remains 60% Down From ATH as ETF Demand Grows

• Ethereum price remains about 60% below its all-time high near $4,946.
• A TradingView chart shows ETHUSD up 13.35% while BTCUSD is down 18.80%.
• Lookonchain reports stablecoin supply rose by $2.69 billion, with Ethereum adding $1.57 billion.

Ethereum, the second largest cryptocurrency by market cap is currently trading near $2158, nearly 60% below its ATH price of $4946. Despite all of this, the latest market data is starting to build a stronger case for a catch-up move. 

However, stablecoin growth, institutional accumulation, and recent outperformance against Bitcoin are seeing growing confidence in the spot ETF.

Ethereum Price Firms Up While Bitcoin Lags

The TradingView comparison chart shows ETHUSD up 13.35% while BTCUSD is down 18.80% over the displayed period. That relative strength matters because Ethereum has spent much of the current cycle underperforming Bitcoin in headline ETF discussions. The chart now shows a different short-term pattern.

Source: TradingView

The Investing.com intraday chart places ETH/USD at $2,128.99, up $74.42 or 3.62% on the day. Price climbs steadily through the session, pushes above $2,100, and briefly tests the $2,150 area before easing slightly. 

Even with that rebound, Ethereum still sits about 60% below its all-time high near $4,946, which leaves room for a larger catch-up move if sentiment improves.

Stablecoin Growth Keeps Ethereum at The Center

The stronger fundamental case is coming from stablecoins and on-chain settlement. Lookonchain’s March 9 to 15 weekly report shows total stablecoin supply rising by $2.69 billion. Ethereum leads that increase with a $1.57 billion gain, which signals that fresh capital is still moving into the network even as DEX activity cools.

That matters for Ethereum ETFs because Ethereum remains the main chain for stablecoin activity. Stablecoins are still one of the clearest real-world crypto use cases, and Ethereum continues to host a large share of that value. 

As ETF investors look for real-world utility, Ethereum’s role in stablecoins and tokenization could help narrow the gap with Bitcoin ETFs.

Institutional Accumulation Strengthens ETF Case

Lookonchain also reports that Bitmine bought 60,999 ETH worth about $140.3 million. That purchase adds a direct institutional demand signal at a time when the ETF story still looks uneven. 

While corporate buying remains stronger for Bitcoin, fresh ETH purchases show institutions are increasing exposure.

Combined with stablecoin growth and relative strength, Ethereum continues to build momentum for a potential ETF-driven move.

Related: Bitcoin Faces New Pressure as Quantum Timeline Moves Closer