Ethereum prices reached a new all-time high of $4,953 on Sunday, August 23, marking its highest price since 2021. The crypto market expected ETH to push past $5,000, but the price pulled back quickly to around $4,615. Experts say this drop looks like a pause, giving the market time to gather strength, rather than a full reversal.
The strong rise came after the cryptocurrency broke a pattern called a symmetrical triangle. In this pattern, prices move between lower highs and higher lows, creating a squeeze. When ETH broke above this triangle, it triggered a quick surge. The MACD indicator also confirmed the bullish trend, showing that the 12-day EMA moved above the 26-day EMA.
On-chain data shows Ethereum’s rise was supported by big outflows from exchanges. About 138,656 ETH are left on exchanges, reducing the pressure to sell. Big investors, known as whales, have been buying large amounts of ETH on Binance. This accumulation lowers supply and signals confidence in Ethereum’s future.
Technically, Ethereum looks ready for another rise. The 4-hour chart shows a bull flag pattern, which often appears before prices go higher. The Supertrend and Chaikin Money Flow indicators support this upward momentum. The daily RSI shows moderate buying pressure, meaning investors are active but the market is not overheated.
Institutional interest is growing as well. Corporate holdings of ETH now exceed $17 billion, and Ethereum ETFs saw $2.79 billion in inflows in August. These strong inflows could help Ethereum pass the resistance near $4,950 - $5,000.
While September often brings small pullbacks after August gains, current whale activity and buying interest may prevent a large drop. If buying continues, Ethereum could rise to $6,200 or even $6,708. On the other hand, if demand drops, ETH could fall to around $4,400, but major accumulation zones may help support the price.
Ethereum (ETH) is showing signs of a healthy pause. Market data, whale accumulation, and technical indicators all suggest another upward move is possible. Breaking above $5,000 could open the door to new highs, reflecting strong confidence in Ethereum’s growth.
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