Ethereum (ETH) is closing in on its 2021 all-time high as institutional demand surges, fueled by record-breaking inflows into U.S. spot Ethereum exchange-traded funds (ETFs).
On Wednesday alone, Ethereum ETFs pulled in $729.1 million, their second-largest daily inflow since launch, with BlackRock’s ETHA accounting for $500.9 million and Fidelity’s FETH adding $154.7 million. Over the past six days, these funds have attracted more than $2.3 billion, driving ETH prices above $4,900.
Standard Chartered has raised its year-end price forecast for ETH from $4,000 to $7,500, citing ETF inflows, institutional buying, and strengthening network fundamentals. Since June, ETFs have absorbed 3.9% of Ethereum’s circulating supply, outpacing even corporate treasury accumulation.
As Ethereum trades at $4,730, just 2.5% below its record peak, large holders, or “whales,” are making decisive moves. A mysterious investor recently purchased 379,000 ETH worth $1.8 billion in just 10 days, while another whale re-entered the market with a $70 million buy after previously selling.
Not all large-scale activity is bullish, some early ICO participants and even the Radiant Capital hacker have taken profits, but the sheer volume of strategic accumulation suggests strong confidence in Ethereum’s long-term trajectory.
ETH now faces what analysts call the “final boss” resistance at $4,800. A decisive weekly close above this level could trigger a price discovery rally toward $5,200 and potentially $6,400, according to technical models.
Failure to hold above $4,630, however, could lead to an 18% pullback to the $3,760 support zone.
With Standard Chartered also projecting a $25,000 target for 2028, analysts say $4,700 could still be a strategic entry point for those betting on Ethereum’s role in the next phase of blockchain-powered finance.
Cover image from ChatGPT, ETHUSD on Tradingview
