Key Takeaways

• Ether (ETH) price has climbed to a 6-month high, driven by record ETF inflows and rising network activity.
• The RSI buy signal at 40 in April suggests a potential price target of $7,000-$10,000 by 2025.

Ethereum Price Reaches 6-Month High

Ethereum (ETH) price climbed toward $3,500 on Thursday, a level last seen on January 7, fueled by increasing network activity and persistent inflows into spot Ethereum exchange-traded funds (ETFs).

Record ETF Inflows Fuel Price Surge

Ether climbed more than 10% in the last 24 hours and 25% in seven days, reaching a six-month high of $3,481 on Binance, according to data from Cointelegraph Markets Pro and TradingView.

The price performance is supported by record institutional demand. Spot ETH ETFs recorded a staggering inflow of $727 million on Wednesday.

“This is big boy money moving in. Over $726 million poured into ETH ETFs in a single day, with half of that from BlackRock alone. That’s not retail, that’s war.”

“This is huge,” said Mikybull Crypto, noting that Thursday’s inflows are the largest since spot Ethereum ETFs launched on July 23, 2024. Spot ETH ETFs subsequently pulled in over $1.76 billion in the following five days, with ETF issuers now holding 4% of the entire ETH supply.

High Ethereum Network Activity and TVL

On-chain activity indicators show an increasing demand for ETH. Ethereum’s active address count rose by 9.4% over the last 30 days and by 2% in the last 24 hours to 1.49 million, according to Nansen data. Daily active addresses also increased by 6.7% to 463,880.

Weekly network fees on Ethereum jumped 139% to $14 million over the past week, a stark contrast to fees of around $5.8 million during the same period last week.

Ethereum’s Total Value Locked (TVL) reached a three-year high of $78.2 billion, up over 36% from $57.2 billion on June 23, according to DefiLlama.

Ethereum remains the dominant layer-1 chain by TVL (58%), compared to Solana (7.2%) and BNB Chain (5%).

Ether RSI Indicates Potential Rally to $10K

Ether’s three-week chart shows the Relative Strength Index (RSI) flashed a “buy” signal back in April when it reached the 40 level.

Historically, readings around 40 have preceded massive ETH rallies. The previous RSI bottom at 40 was followed by a 1,360% and 350% rally in 2021 and 2023-2024 respectively.

“2X right now if you heed the call,” stated Mikybull Crypto about his earlier market insight.

“$7K-$10K upper band target.”

Other analysts see potential for ETH to reach $10,000, citing technical chart patterns, a bullish breakout in the ETH/BTC pair, and increasing ETF demand.