Ethereum is edging closer to its all-time high, fuelled by strong investor demand, record inflows into exchange-traded funds (ETFs), and heightened network activity. Traders and analysts say the second-largest cryptocurrency could be on the brink of entering a “price discovery” phase, potentially driving its value to $13,000 or beyond.
ETH Pushes Towards All-Time High
On Wednesday, Ether (ETH) surged past $4,600, marking an 8% rise in the past 24 hours and reaching an intraday high of $4,715, according to TradingView data. This is just shy of the record $4,867 peak set in November 2021. Onchain analytics firm Glassnode noted that bids for Ethereum continue to strengthen, with the asset serving as a bellwether for the broader altcoin market.
Investor interest is being bolstered by inflows into spot Ethereum ETFs. Over the past six days, these investment products have attracted $2.3 billion, with Monday alone setting a record $1 billion in net inflows. Nate Geraci, president of ETF consultancy NovaDius, highlighted that since July, spot ETH ETFs have taken in nearly $1.5 billion more than their Bitcoin counterparts.
Institutional Accumulation Strengthens Market Outlook
Treasury companies are significantly increasing their ETH holdings, now worth over $16.5 billion. BitMine Immersion Technologies leads with 1.2 million ETH (valued at $5.33 billion), followed by SharpLink Gaming with 598,800 ETH after a 177% monthly increase. The Ether Machine holds 345,400 ETH.
With more than 30% of all ETH staked and therefore unavailable for immediate sale, analysts say supply constraints could support further price gains.
Network Activity Nearing Peak Levels
Ethereum’s daily transactions hit 1.87 million on Tuesday, close to record highs, with July 2025 recording around 50 million transactions, the most in over a year. The total value locked (TVL) in decentralised finance (DeFi) on the Ethereum network has also climbed to $95 billion, representing 61% of the market.
This combination of rising transaction activity and expanding DeFi dominance signals strong demand for the Ethereum network’s utility beyond speculative trading.
Analysts Identify Key Resistance and Upside Targets
The $4,700–$4,750 range is now seen as the next major resistance zone. Glassnode’s latest Week Onchain Report noted that $4.7K aligns with the +1 standard deviation level of Ether’s active realised price, a point where selling pressure often builds.
However, a decisive break above $4,750, combined with sustained transaction momentum, could propel ETH into price discovery. CryptoQuant analyst CryptoOnchain said such a breakout would mark the start of a more speculative phase.
Technical setups suggest significant upside potential. Analyst Jelle has identified a bullish megaphone pattern with possible targets between $7,000 and $13,000. Crypto investor and YouTuber DivXMaN believes that while $7,500 remains a short-term target, ETH could ultimately hit $13,000 based on previous bull market trends. Some long-term forecasts for the current cycle even extend to $20,000.
Bullish Momentum Builds
The convergence of strong ETF inflows, institutional accumulation, high staking rates, and robust network activity has reinforced bullish sentiment. If ETH decisively surpasses its all-time high, analysts expect a rapid escalation in prices as traders seek to capitalise on the next phase of the bull market.
