Ethereum eyes historic highs amid mixed institutional signals: What’s next?

Key takeaways

Ethereum is nearing its all-time high despite mixed signals from institutions. Market momentum and bullish sentiment suggests potential for further gains.

Ethereum [ETH] hits fresh highs even as institutional money appeared to be heading for the exit.

Outflows from spot ETH ETFs have been heavy, yet big names like keep buying. There’s a striking divergence in sentiment: while some institutions are cashing out, other heavyweight players seem intent on staying.

ETH surges ahead

Ethereum traded at $4,737 at press time, just shy of its all-time high of $4,891 set back in November 2021 according to CoinMarketCap.

The hourly chart highlighted an upward move (with Jerome Powell Jackson Hole speech being a key catalyst) followed by consolidation, so bulls were defending the higher levels.

The RSI was at 62.8, indicating strong momentum but leaving some room before hitting overbought territory.

Source: TradingView

Meanwhile, the MACD showed waning bullish momentum as the histogram turned red.

If buying pressure persists, ETH could attempt another run at its historic peak, though short-term corrections remain likely given the recent volatility.

Mixed signals from institutions

ETH is chasing new highs, but there’s more to it than what meets the eye.

Source: Glassnode

On one hand, U.S. spot ETFs have been under pressure, with Ethereum ETFs recording a staggering 111k ETH in outflows.

Yet, not all major players are retreating.

BlackRock recently purchased $233 million worth of ETH, showing long-term conviction in the asset.

Source: Arkham Intelligence

Adding to the bullish narrative, Trump’s World Liberty fund also made a notable acquisition, spending $5.025 million USDC for 1,076 ETH at $4,670.

Source: X

Big names put their foot down

Amid the mixed institutional flows, one of crypto’s most influential voices remains firmly bullish on Ethereum.

Since first declaring “$ETH = $5,000” back in December 2023, Arthur Hayes has actively swing-traded ETH through his public wallet, often selling only to buy back at higher prices as the token continued its ascent.

Source: X

Now, the Maelstrom CIO has reaffirmed his conviction, forecasting a monumental rally. In a recent Crypto Banter interview, Hayes argued that,

“the chart says it’s going higher, you can’t fight the market.”

He predicted that Ethereum could surge to $10,000-$20,000 before the end of this cycle.