The second-largest cryptocurrency by market capitalisation cleared $4,600. The asset has risen 8.3% over the past 24 hours, according to CoinGecko.
At press time Ethereum trades around $4,630.
Ether needs to rise only 4.9% to reach its all-time high.
The asset’s market capitalisation has reached $557.8bn, which accounts for 13.6% of the total crypto market cap of $4.13trn.
On-chain activity spikes
CryptoQuant analysts noted a surge in network activity — daily transactions on the Ethereum mainnet have reached an ATH near 1.875m.
“Such a rapid rise in on-chain activity indicates increased user engagement and growing demand for blockchain space,” noted the expert under the nickname CryptoOnchain.
In his view, ether is testing a key resistance zone just below the all-time high.
“This is a confluence point: the price is approaching a major supply area while on-chain metrics are recording a peak in activity,” the researcher noted.
CryptoOnchain believes that a break above $4,750 while activity stays elevated could kick off a search for a new price marker. If sellers halt the “bullish onslaught”, a brief consolidation or a pullback to support at $3,950 is likely.
“The next trading sessions will show whether a breakout occurs or a pullback follows,” the expert stressed.
Institutions and other whales
Net inflows into spot Ethereum ETFs over the past day totalled $523.92m. Positive dynamics have persisted for six straight trading sessions.
As usual, the largest tranche went into BlackRock’s ETHA — $318.67m. Significant sums also went to Fidelity’s FETH and Grayscale’s ETH — $144.93m and $44.25m, respectively.
Cumulative net inflows since the products launched in July last year have reached $11.36bn. Total assets under management across ETH ETF providers stand at $27.6bn — 4.77% of ether’s market capitalisation.
Speaking to The Block, NovaDius Wealth head Nate Geraci noted a “noticeable shift of interest” away from previously dominant bitcoin ETFs. Over the past day, inflows into those funds amounted to $65.9m, a relatively modest tally.
Feel like spot eth ETFs were severely underestimated simply b/c tradfi investors didn’t understand eth…
Btc had nice clean narrative, “digital gold”.
Eth takes more time for investors to understand.
Now they’re hearing “backbone of future financial markets” & it’s resonating.
— Nate Geraci (@NateGeraci) August 12, 2025
“It seems spot ETH ETFs were severely underestimated simply because traditional-finance investors didn’t understand Ethereum. […] Now they are hearing ‘backbone of future financial markets’, and it’s resonating,” wrote Geraci.
Despite selling
A wallet linked to the Ethereum Foundation, 0xF39d, sold 1,695 ETH for 7.72m DAI at $4,556 on August 13, analysts at Lookonchain said.
A wallet (0xF39d) linked to the #EthereumFoundation sold 1,695 $ETH for 7.72M $DAI at $4,556 in the past 2 hours.
This wallet originally received 20,756 $ETH ($95.5M now) from the #EthereumFoundation wallet “EF 1” back in 2017.https://t.co/l0tVaX1Qeq pic.twitter.com/XrI8bbUpuQ
— Lookonchain (@lookonchain) August 13, 2025
An hour later the same address sold another 1,100 ETH at $4,602.
The wallet, which received 20,756 ETH from the “EF 1” address in 2017, currently holds 99.9 ETH (~$462,700) and 11.58m DAI.
The Ethereum Foundation ranks fourth among organisations with Ethereum reserves. These hold a combined 3.57m ETH worth $16.5bn.
Lookonchain analysts also flagged heavy ether sales by a “mysterious group of whales” holding 1.21m ETH ($5.6bn) across wallets.
The mysterious group “7 Siblings” with 1.21M $ETH($5.6B) is selling $ETH!
Over the past 15 hours, 7 Siblings has sold 19,461 $ETH($88.2M) at an average price of $4,532.
Earlier this year, they bought 103,543 $ETH($229.7M) at $2,219 between Feb 3–Apr 7.https://t.co/zbJlsNo6NA pic.twitter.com/ddvsXueVsH
— Lookonchain (@lookonchain) August 13, 2025
Over 15 hours the related addresses sold 19,461 ETH worth $88.2m at an average $4,532 per coin.
Between February 3 and April 7, the “mysterious whales” bought 103,543 ETH at an average price of $2,219.
Retail FUD
As Ethereum races toward its ATH, Santiment analysts observe FUD and growing selling pressure among retail investors.
🫢 Ethereum is now within 6.4% of its $4,891 all-time high from November 16, 2021. There have been consistent sell-offs from retail traders as crypto’s #2 market cap has made this historic rally.
Prices historically move the opposite direction of retail traders’ expectations.… pic.twitter.com/241va9Jc5L
— Santiment (@santimentfeed) August 12, 2025
“Prices often move against retail investors’ expectations. Thus, periods of high greed on June 16 and July 30, 2025 ended with corrections. Now, despite renewing local highs, caution and doubts prevail,” the experts commented.
In their view, large players continue accumulating coins that small holders are willing to sell. In this set-up, the impact of sentiment is “very insignificant”, so the asset may soon set a new record.
Bracing for $10,000?
A technical analyst nicknamed Ted sees the price “preparing” to break out of a wide range that has formed over four years.
$ETH is about to break out of its 4-yr sideways range, and people are calling for top.
Last time ETH broke out of its sideways range, it pumped 20x in just 1 year.
$10,000 ETH is coming. 🚀 pic.twitter.com/tej0nWqDQf
— Ted (@TedPillows) August 12, 2025
“Last time ETH broke out of a sideways range, its price rose 20x in just one year. $10,000 is not far off,” he commented.
A trader under the nickname Immortal shared a similar forecast.
$ETH escaping the force of gravity
Be ready for $10000 pic.twitter.com/JkjKuvszX9
— Inmortal (@inmortalcrypto) August 12, 2025
“ETH is entering a growth trajectory. Be ready for $10,000,” the analyst commented.
In another post, Ted compared buying ether now with purchasing bitcoin at $19,000 in 2020.
Earlier, Ethereum outpaced bitcoin in price growth for the first time since 2024.