Buying pressure surges! Ethereum sees an average daily outflow of 40,000 ETH, with prices aiming for new highs.

The price of Ethereum (ETH) is approaching the historical high set in 2021, currently reported at $4,684, just about 4% away from the peak. On-chain data shows that ETH is facing strong buying pressure - over the past month, an average of 40,000 ETH has flowed out of exchanges daily, which is often seen as a bullish signal.

ETH price is close to historical high

Current price: $4,684 (24-hour pump 6.8%)

Difference from historical high: only about 4%

Price increase over the past month: +53.8%

doubled from the April low (around 1,500 USD)

The synchronized buying from institutions and retail investors has quickly pushed ETH close to its historical high in a short period of time.

On-chain data: Daily average outflow reached 40,000 ETH

(Source: CryptoQuant)

CryptoQuant analyst burakkesmeci pointed out that the 30-day simple moving average (SMA30) of ETH has dropped to -40,000 ETH, indicating that an average of 40,000 ETH has been withdrawn from exchanges daily over the past month.

Meaning: A large-scale outflow usually indicates that investors are transferring assets to cold wallets, reducing the circulating supply in the market, and driving prices upward.

Trend: As long as the SMA30 remains negative, the upward momentum of ETH is likely to continue.

ETF capital inflows boost

Spot ETH ETF: As of the week of August 12, inflows exceeded $1.5 billion.

Continuous capital inflow: Since May 16, it has recorded nearly three months of net inflows, attracting more than 8 billion dollars in total.

Total asset scale: Spot ETH ETF holds assets worth 27.6 billion USD, accounting for 4.7% of the total market value of ETH.

The continuous buying of ETFs provides stable institutional-level demand support for ETH.

Technical Analysis and Market Forecast

(Source: Trading View)

Technical signals: RSI is close to the overbought zone, but there are no obvious signs of a pullback yet.

Analyst's Viewpoint:

If BTC rises to $150,000, ETH is expected to hit $8,600.

In the short term, if it breaks through the historical high, it may first consolidate before starting a new round of pump.

Trading suggestion: Crypto analyst Orbion believes that if ETH reaches the range of $5,800–6,000 in October, one should consider taking profits.

Conclusion and Key Points for Investors' Observation

Ethereum is on the verge of a critical breakout, with on-chain data and ETF inflows creating a strong bullish foundation.

Investors should pay attention to:

1. Is the SMA30 continuously maintaining a negative value (high outflow)?

2. Will the trend of ETF fund inflows continue?

3. Trading volume and consolidation range after breaking through historical highs

Gate will continue to track the on-chain dynamics and price trends of ETH, providing users with real-time market information and strategy analysis.