TL;DR
Ethereum’s rally is accelerating, with the price hovering near the mid-4,600s and within striking distance of its record from 2021. The latest leg higher has ETH up close to double digits on the day as traders eye whether buyers can force a decisive break above final resistance. The answer may come down to record spot ETF inflows, stretched momentum, and how the price behaves at the last technical hurdles before the all-time high.
At press time, Ethereum trades near 4,700, increasing more than 9%, after a session that printed a 24-hour range in the low $4,200s to mid $4,600s. Its all-time high on CoinMarketCap is listed near $4,892 from November 2021, placing ETH within a few percentage points of a fresh peak if bullish pressure holds. Market cap is now in the mid-500 billion with circulating supply about 120.7 million ETH, underscoring the scale behind the move. With the price this close, marginal demand can matter, especially if order books thin into the US session.
Spot Ethereum ETFs just posted back-to-back blockbuster days, pulling in about 1.02 billion in net inflows on August 11, followed by roughly 523.9 million the next day. That brings more than 1.5 billion over two sessions, with BlackRock leading the haul and signaling strong institutional appetite. The inflow surge has coincided with ETH rallying nearly 30 percent on the week and pressing toward the prior peak. If flows remain positive into today’s close, they could provide the incremental bid needed to challenge price discovery.
Under the surface, Ethereum’s total value locked has surged past 90 billion for the first time since 2022, a sign of renewed activity across DeFi and stablecoin rails. On the technical side, RSI sits above 70, confirming overbought conditions but also the kind of momentum that often accompanies late-stage breakouts. Immediate resistance looms near $4,750, with a clean break opening a path to $4,800 to $4,840. Initial support is seen around $4,525 if price stalls and momentum cools.
