Ethereum (ETH) dropped over 6% in the past 24 hours, sliding to around $3,630 after briefly touching the $3,800 mark.
The pullback comes after a robust July rally, which saw the world’s second-largest cryptocurrency surge more than 50%, its best monthly gain in three years.
Despite the recent dip, on-chain data suggests the uptrend may not be over. Glassnode’s latest analysis points to a potential new all-time high (ATH) of $4,900, fueled by bullish investor sentiment, growing ETF inflows, and rising open interest (OI) in futures markets.
The firm’s analysis shows that if unrealized profits reach the same levels as in 2024, ETH would likely climb toward $4,900, marking a new ATH and testing the critical psychological resistance at $5,000.
This could reflect a growing shift in how investors treat Ethereum, from a speculative token to a core financial asset.
Moreover, spot Ethereum ETFs, especially BlackRock’s iShares Ethereum ETF, saw over $4 billion in inflows in July 2025, pushing total ETH ETF holdings to $21.85 billion. The surge underscores Ethereum’s rising status among institutional investors and may amplify future price movements.
With Ethereum facing resistance at $4,000, the convergence of strong technicals, investor optimism, and institutional demand paints a promising outlook. If momentum continues, ETH may soon chart new territory above its previous highs.
Cover image from ChatGPT, ETHUSD chart from Tradingview
