Ethereum price is sprinting back toward record territory as institutional cash floods into the Ethereum ETFs.
As momentum builds, traders are weighing whale accumulation, retail skepticism, and a timely bout of profit-taking by the Ethereum Foundation.
Meanwhile, betting markets and on-chain gauges point to a fast-tightening race toward the $5,000 mark.
Ethereum ETFs smash records, shifting the narrative
On August 11, US spot Ethereum ETFs posted a record $1.019 billion in daily net inflows, five times bigger than the day’s net flows into Bitcoin funds.
While Bitcoin ETFs remained in the green with about $178 million that day, Ethereum ETFs clearly stole the spotlight.
Moreover, BlackRock’s ETHA vehicle led with roughly $640 million, while Fidelity’s FETH added about $277 million in its largest single-day haul.
Additionally, cumulative spot ETH ETF inflows have now climbed past $10.8 billion since launch, after five consecutive days of net buying.
Ethereum price reclaims the 2021 zone
As the Ethereum ETF flows accelerated, ETH rebounded into the $4,600 range for the first time since November 2021.
Over the last 24 hours, Ethereum spot prices have fluctuated between roughly $4,266 and $4,694, underlining brisk two-way action as the rally matures.
The price has gained roughly 8% over 24 hours and nearly 30% over seven days, while 30-day gains have reached about 54%.
Notably, Ether (ETH) now sits within striking distance of its all-time high at $4,878, with some readings showing it only about 5% below that threshold.
At the same time, market capitalization has approached $560–$567 billion and, by several measures, now exceeds Netflix’s valuation.
Additionally, Ethereum’s dominance has risen to about 13.9%, up more than two percentage points in a week, as Bitcoin’s dominance eased.
Whales buy as retail doubts the rally
As the ETH price climbs, the market sentiment is split.
According to Santiment, social chatter revealed retail traders in disbelief, with fear and doubt outweighing bullish remarks even as ETH printed higher highs. Moreover, the firm noted that sharp rallies often run opposite to the crowd’s short-term expectations.
Previously, episodes of “extreme greed” on June 16 and July 30 preceded quick pullbacks, which, in turn, reset froth.
Meanwhile, on-chain data from Glassnode indicated that short-term holders have been selling more aggressively than long-term holders. Therefore, larger players have been able to scoop supply from jittery hands, which typically reduces “sentiment resistance” during upside pushes.
For traders, this dynamic often signals a rally that climbs the proverbial wall of worry.
Ethereum Foundation sells into strength, but momentum holds
Even as buyers pressed the tape, a wallet linked to the Ethereum Foundation sold roughly 2,795 ETH for about $12.7 million late Tuesday.
First, the wallet offloaded 1,695 ETH, near $4,556 for 7.72 million DAI. Then, about an hour later, it sold another 1,100 ETH for around $4,602. After the transactions, the wallet held about 99.9 ETH and roughly 11.6 million DAI.
Importantly, the sales landed into a strong bid and did not stall the advance, as ETF flows and corporate treasuries overshadowed supply.
Additionally, US-listed companies such as SharpLink Gaming and BitMine have been accumulating ETH, while total corporate Ether treasuries are now near $9 billion.
As a result, the market absorbed Foundation selling without breaking stride.
Ethereum price outlook: Eyes on $5,000
With momentum building, traders are asking the right questions: how close is $5,000, and what could derail the move?
As of today, Polymarket pricing probability puts the probability of an August break above $5,000 at around 87%, up sharply from the prior day.
Additionally, prominent traders argue that ETH is breaking out of a multi-year range, while some even float $10,000 scenarios.
However, the path is rarely linear. Because instances of crowd greed have preceded quick shakeouts, a hot market can still surprise late buyers.
If the Ethereum price can clear the $4,878 all-time high with conviction and hold the level as support, then $5,000 could be easily achieved.