Ethereum Price: Historic ETH Weekly Close Unlocks New Potential
Ethereum has just achieved a significant milestone. The asset recorded its highest weekly close in four years. This event signals robust bullish momentum for the second-largest cryptocurrency. Investors and analysts are now closely watching the Ethereum price as it enters uncharted territory. This surge follows strong market dynamics and increasing institutional interest.
Ethereum Price Achieves Landmark Weekly Close
Ether (ETH) price reached a new cycle milestone recently. The ETH/USD trading pair achieved its highest weekly close since November 2021. This remarkable achievement occurred on August 13. Ethereum closed the week at $4,475. Data from Crypto News Insights Markets Pro and TradingView confirms this figure.
[img]ETH/USD weekly chart. Source: Crypto News Insights/TradingView[/img]This significant close follows a decisive breakout. ETH moved above the $4,000 resistance level. This level had held since 2021. The breach signals strong bullish momentum for the asset. Consequently, this ETH weekly close indicates a powerful shift in market sentiment. Many market participants view this as a clear sign of continued upward trajectory.
Driving Forces: The Ethereum ETF Effect
Massive inflows into spot Ethereum Exchange-Traded Funds (ETFs) primarily fueled this price surge. Over the last month, these products saw substantial capital injections. Specifically, a record $1.02 billion flowed in on August 11 alone. These significant inflows underscore growing institutional appetite.
BlackRock’s ETHA leads these inflows. Its holdings now total over $12.6 billion. Farside Investors data confirms this impressive figure. BlackRock currently holds more than half of all ETH ETF holdings. CryptoQuant data supports this dominance. CryptoQuant analyst Burakkesmeci noted, “BlackRock’s ETHA now makes up 58.03% of all Ethereum ETFs, holding a massive 3,490,450 ETH in its wallets.”
[img]Ethereum ETF holdings, amount and percentage. Source: CryptoQuant[/img]This momentum highlights a clear ETF-driven rally in Ethereum. BlackRock’s market dominance is evident. Therefore, the rise of the Ethereum ETF significantly impacts the overall Ethereum price trajectory. It brings new capital and legitimacy to the asset class.
Institutional Appetite and Network Activity
Ether continued to dominate capital inflows into exchange-traded products (ETPs) last week. CoinShares reported total inflows into ETH investment products reached $2.9 billion. This figure marks strong institutional investor appetite for the top altcoin. Furthermore, corporate treasuries are also adding to the buy pressure. Sixty-nine entities collectively hold $17.3 billion in ETH. This represents 3.4% of the total supply.
[img]Crypto ETP flows by asset. Source: CoinShares[/img]Demand for ETH is also reflected in high network activity. Transaction volume hit a record 1.74 million daily transactions on August 5. Nansen data confirms this surge. Over 46.67 million transactions were recorded in July. Stablecoin transfers, DeFi, and Layer 2 growth fueled this activity. These metrics provide valuable crypto market insights. They indicate robust underlying demand and utility for the Ethereum network.
[caption id="" align="aligncenter" width=""][img]Ethereum: Daily transaction count. Source: Nansen[/img]
Key ETH Price Levels to Monitor
As ETH trades around $4,300, several key price levels demand close attention. Technical analysis and market dynamics inform these levels. The immediate support zone lies between $4,100 and $4,000. This range previously acted as stubborn resistance in 2021. However, it has now flipped to a critical support area. This level aligns with the 20-day exponential moving average (EMA) at $4,140.
[img]ETH/USD daily chart. Source: Crypto News Insights/TradingView[/img]$4,150 also serves as a key support level. Here, 341,000 ETH tokens were accumulated. Glassnode’s Cost Basis Distribution Heatmap confirms this accumulation. Popular analyst Demi-Defi offered insights on X. They stated, “As long as the weekly close holds the $4K–$4.25K region, I treat dips as consolidation.” They added that a weekly close below $4,150 could trigger a “deeper drop” to the $3,650–$3,750 region. Therefore, monitoring these specific ETH price levels is crucial for traders.
[img]ETH: Cost basis distribution heatmap. Source: Glassnode[/img]On the upside, the analyst suggested a weekly close above $4,550. This could confirm a breakout into new all-time highs. Targets are set between $5,000 and $5,800. Demi-Defi concluded, “I remain bullish while $4.15K+ holds weekly.” These levels offer a roadmap for potential future movements of the Ethereum price.
Navigating the Future of Ethereum
Ethereum’s recent performance highlights its resilience and growing adoption. The combination of strong institutional inflows and increasing network activity paints a bullish picture. While the ETH weekly close at a four-year high is impressive, market volatility remains a constant factor. Investors should continue to monitor key support and resistance levels. The influence of Ethereum ETF products will likely grow. This could further shape the market. As such, staying informed on crypto market insights and technical indicators is vital.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk. Readers should conduct their own research when making a decision.
