Ethereum trading near $2,920 doesn’t feel dramatic on the surface. A 0.38% daily move rarely does. But when I step back from the candles and look at who is buying, why they are buying, and when liquidity is returning, the current Ethereum price forecast starts to feel less speculative and more structural.
ETH’s market capitalization has stabilized around $352 billion, supported by a circulating supply of roughly 120.69 million ETH. On-chain data shows rising address engagement clustered around a realized price near $2,720 — a level that increasingly looks like a psychological and economic anchor rather than a temporary support.
This isn’t momentum-driven optimism. It’s balance-sheet behavior.
Treasury Accumulation Signals a Shift in ETH’s Role
One of the clearest signals I’ve been tracking is renewed corporate treasury activity. A recent $58 million purchase of 20,000 ETH by BitMine stood out not because of its size alone, but because of what it represents.
Ethereum is being treated less like a high-beta trade and more like an operational asset.
BitMine’s total ETH holdings now exceed 4 million ETH, placing it among the largest corporate holders globally. Commentary tied to the purchase referenced ongoing institutional discussions around Ethereum’s use in smart contracts, tokenized assets, and on-chain settlement frameworks.
That matters. When organizations begin to hold ETH as infrastructure exposure rather than directional speculation, liquidity dynamics change. Treasuries don’t trade noise. They accumulate conviction.
This type of demand tends to form price floors rather than spikes.
Macro Liquidity Is Doing the Heavy Lifting
What makes the current Ethereum setup interesting to me isn’t technical momentum — it’s liquidity alignment.
Macro indicators that preceded Ethereum’s 2021 expansion are quietly reappearing. In that cycle, ETH rallied roughly 226%, beginning about four months after a breakout in small-cap equities. Today, similar conditions are emerging again, with the same index structure showing renewed strength.
The implication isn’t that history repeats perfectly. It’s that liquidity tends to move in recognizable rhythms.
Ethereum’s realized price climbing to $2,720 suggests long-term holders are not distributing into this range. Instead, accumulation appears to be absorbing supply. That’s not a short-term trade signal — it’s a structural one.
If Ethereum moves meaningfully higher in the coming months, it will likely be because capital conditions allow it, not because sentiment demands it.
Forecast Models Reflect Adoption, Not Excitement
Short-term projections suggest Ethereum could approach the $3,200–$3,300 range by early February 2026. That represents modest appreciation, not excess. What’s more interesting is how forecast ranges expand as time horizons lengthen.
Some models place average prices near $3,700–$4,000 in the following months, with upper bounds extending higher as infrastructure usage grows. Longer-term projections vary widely — from mid four-figure levels to far more ambitious targets — but the methodology has changed.
These forecasts are increasingly grounded in:
1. Institutional custody behavior
2. Stablecoin settlement dominance
3. Fee generation consistency
4. Integration into tokenized financial systems
That doesn’t guarantee outcomes. But it does shift ETH forecasts away from purely narrative-driven assumptions.
Ethereum’s Quiet Dominance in Settlement and Supply Absorption
What continues to anchor my view is Ethereum’s functional dominance.
The network processes over half of global stablecoin supply and generates a substantial share of blockchain transaction fees. Since mid-2025, institutional vehicles — including corporate treasuries and regulated products — have absorbed an estimated 3.8% of circulating ETH supply.
Treasury entities alone accumulated millions of ETH in a matter of months, at a pace that outstripped comparable accumulation phases seen previously in other large digital assets.
This kind of demand doesn’t chase tops. It builds positions.
As Ethereum increasingly operates as a settlement layer rather than an experimental platform, its price behavior begins to resemble infrastructure assets more than speculative instruments.
Closing Thought
When I think about Ethereum’s price outlook through 2026, I’m less focused on headline targets and more focused on who would be forced to sell at these levels. Right now, that list looks short.
Treasuries are accumulating. Long-term holders are anchored above realized price. Liquidity conditions are improving. And Ethereum continues to do real economic work at scale.
That doesn’t mean straight lines upward. It does mean the Ethereum price forecast is increasingly shaped by structure, adoption, and balance sheets — not excitement.
And that, historically, is where durable trends begin.
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