The last all time high for Ethereum was November 2021 with a price of ~$4,867! Currently we are teetering around $4,750 with a short-term resistance at the previous ATH.

Current price at time of post is $4,716

24-hour change is +9.75%

Market Cap is $567.7 BILLION

Trading volume is $67.7 BILLION

Circulating Supply is 120.7 MILLION ETHER

There are many key factors driving the price action such as institutional purchases of Ethereum as retail is starting to sell.

https://preview.redd.it/kgkmm3viyvif1.png?576&format=png&auto=webp&s=38891255d919b0a53e9fc7028f7234145fcaa6cc

Ethereum ETFs have seen more than $2.3 BILLION in inflows the last week, which is much more aggressive than Bitcoin ETFs in that time period!

Network activity is booming currently with nearly 1.87 MILLION transactions daily and increased NFT activity on the blockchain.

Total Value Locked (TVL) is $95 BILLION with ETH having more than 61% of the share!

But most importantly, I feel the upgrades have had an immense impact in the price action such as EIP-1559 that improved the efficiency of the network and brought in fee burning to decrease the inflationary pressures we saw.

Finbold models target Ethereum price range of $5,607 ~ $5,250 by August 31^st!

Technical Analysis

MACD – 5 green bars in a row, bullish crossing

RSI >70 – overbought and trending up

Volume – new record for Ethereum ETF inflows ($1.5 BILLION within 2 days)

Ascending Triangle breakout and Golden Cross initiated.

BTC liquidity is moving to ETH, identified by increasing ETH/BTC ratio!

Breakout post resistance of previous ATH of $4,867.

Target price is $5,200 based on the Fibonacci extension.

Bullish catalysts include ETF inflows continuing, institutional and retail accumulation, and increase scaling and adoption!

Price Range: $4,200 ───── $4,700 ───── $4,868 ───── $5,200

Support Zones: ↑ $3,887 ↑ $4,232

Resistance Zones: ↑ $4,868 (ATH)

Forecast Path: ── Consolidation → Breakout → Price Discovery

I am super bullish we will hit $5,200 and beyond easily with increases in futures activity and accumulation by both institutions and whales.