As the positive developments in the cryptocurrency industry continue to line up, Ethereum (ETH) has raced over 30% in a week and is closer than ever to breaking its own record from late 2021, when its price reached an all-time high (ATH) of $4,878.
Specifically, the crypto market’s largest altcoin and second-largest asset by market capitalization is currently changing hands at the price of $4,692.19, indicating an increase of 9.61% in the last 24 hours and as much as 30.74% across the previous seven days, per the latest data on August 13.
At the same time, these advances have contributed to a 53.92% gain on Ethereum’s monthly price chart as well as a growth of 77.34% in the past year. The latest rise in particular is the result of multiple factors, including a significant institutional interest shift.
Factors behind Ethereum’s stellar rise
Indeed, as Ethereum recently started to rise, it has triggered a domino effect, starting with major inflows into Ethereum-based exchange-traded funds (ETFs) that witnessed their best day ever on August 11, outpacing their Bitcoin (BTC) counterparts with a total of $1.01 billion.
Meanwhile, BlackRock’s iShares Ethereum Trust ETF (ETHA) attracted the lion’s share of these flows with a record $640 million purchase going into the fund, as the Fidelity Ethereum Fund (FETH) took second place with its own largest single-day inflow of $270 million.
Furthermore, the amount of Ethereum on exchanges hit a nine-year low on August 12, dropping to just 15.28 million ETH, which is its lowest level since November 2016, according to the recent data retrieved from onchain and financial metrics platform Glassnode.
Will the rise continue?
Per the more recent Glassnode information, Ethereum shooting past $4,600 brought its price to just 3.9% below its previous ATH, and the platform’s team has noted that, with Ethereum building its strength, “capital rotates further along the risk curve.”
In terms of Ethereum price prediction for 2025, renowned crypto trading expert Ali Martinez has earlier foreseen ETH running straight toward $5,241 if it clears $4,300, which has already taken place, as he confirmed more recently in an X post on August 13.
However, he has also warned that TD Sequential has flashed a ‘sell’ on Ethereum’s daily chart, meaning it could drop to $3,980 or even $3,860 if it loses the $4,150 level. That said, Ethereum seems safe for now, only 3.8% short of making another ATH.
What do you think?
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