Key Insights:
- Ethereum formed a bull flag breakout, keeping the $6,000 target active if price holds above $4,500.
- Exchange netflows show heavy ETH withdrawals earlier in August, reducing sell-side pressure during the rally.
- ETH is up nearly 200% since April lows, with inflows from ETFs and institutions fueling strong momentum.
Ethereum (ETH) was trading near $4,600 after a strong rally over recent months. Daily trading volume stands at $49 billion. The asset has risen 8% over the past week but is down 4% in the last 24 hours. Market attention is now focused on whether ETH can push toward the $5,000 level in the coming days.
Bull Flag Breakout Keeps Target Active
The chart shared by Cas Abbé shows ETH forming a bull flag continuation pattern on the daily timeframe. After a sharp rally in July, price consolidated in a downward channel before breaking higher in early August. This breakout pushed ETH beyond $4,800 before the current pullback.
Cas Abbé commented that “$ETH bull flag target hasn’t been reached yet,” adding that liquidity is moving from Bitcoin into Ethereum. He also noted that expected inflows from ETFs and publicly listed companies could help extend the rally. Based on the measured move of the bull flag, a target of $6,000 remains active as long as ETH holds above $4,500.
Exchange Netflow Data Reflects Market Positioning
On-chain data tracking Ethereum exchange netflows shows strong withdrawal pressure earlier in August. Negative spikes of more than -300K ETH were recorded on July 25 and July 30, indicating large amounts moved off exchanges. This trend supported ETH’s rally by reducing immediate sell-side supply.
More recent data shows inflows, including +200K Ethereum on August 1 and +150K ETH on August 23. These movements suggest some short-term caution, as traders return coins to exchanges for potential selling or trading. Currently, Ethereum sits near $4,500 with smaller inflows, showing a balance between accumulation and profit-taking.
Nearly 200% Rally Since April Lows
A separate chart from Crypto Rover ties Ethereum’s rebound to a tweet made in April by Donald Trump, stating
“THIS IS A GREAT TIME TO BUY!!!”
At that time, ETH traded just above $1,500. Since then, ETH has gained almost 200%, peaking near $4,650.
Crypto Rover noted that “Donald Trump called the Ethereum bottom,” emphasizing the timing of the rally. The chart shows how ETH recovered sharply from April lows, posting one of its strongest multi-month runs in recent years.
With ETH holding above $4,500, both technical and on-chain signals suggest further upside remains possible. Clearing resistance near $4,800 would reopen the path toward $5,000–$6,000, in line with the bull flag projection. For now, traders are watching ETF inflows and liquidity rotation from Bitcoin as possible drivers for Ethereum’s next move.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/5k-eth-this-week/