Ethereum has reached a technical inflection point as ETF inflows and on-chain demand bolster its bullish outlook.
ETF Dominance
BlackRock’s ETHA ETF led the August 11 influx with USD 1.02 billion in net new capital, pushing its assets to USD 12.6 billion—57.9% of total Ethereum ETF holdings according to Farside Investors. The ETF’s leadership is credited with amplifying price momentum, as institutional investors seek regulated exposure amid legacy token volatility.
On-Chain Growth
Network metrics underscore rising activity. Data from Nansen shows Ethereum processed 1.74 million daily transactions on August 5, a monthly peak driven by stablecoin transfers, DeFi protocols and layer-2 solutions. July’s transaction count hit 46.67 million, marking sustained growth from the first half of the year and reflecting expanding use cases beyond speculative trading.
Technical Landscape
Ethereum closed near USD 4 475 for the week, its highest weekly close since November 2021. $4 150 emerged as a pivotal support level, where 341 000 ETH were previously accumulated. Glassnode analytics point to potential downside to USD 3 650–3 750 if $4 150 fails to hold, but a weekly close above USD 4 550 could signal a breakout toward USD 5 000–5 800. Wall Street strategist Tom Lee anticipates a retest of $4 075–4 150 before targeting $5 100, citing Elliott Wave patterns.
Investor Dynamics
Ethereum whales and corporate treasuries remain key price anchors. Whale addresses added 550 000 ETH despite a 10% pullback, while corporate holders control 3.4% of supply (~USD 17.3 billion) to support upside. Conversely, smaller holders led profit-taking around mid-August, as indicated by the Coinbase Premium Index.
Outlook
Market watchers will monitor Ethereum’s ability to reclaim $4 500 and $4 868 resistance. The interplay between sustained ETF inflows and elevated network usage suggests Ethereum remains the focal asset for digital-native and institutional participants in the unfolding post-ETF era.
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