As Ethereum (ETH) trades within striking distance of its all-time high (ATH), on-chain data shows that the second-largest cryptocurrency by market cap is experiencing mounting buying pressure. The asset is currently priced in the $4,600 range, just 4% shy of its ATH.
According to a CryptoQuant Quicktake post by contributor burakkesmeci, more than 1.2 million ETH have been withdrawn from crypto exchanges over the past month. The analyst suggested that Ethereum’s uptrend is likely to continue.
For context, ETH has surged 53.8% in the last month, underscoring strong buying pressure amid rising institutional adoption. The asset has tripled in price from its local low of around $1,500, recorded in April this year.
In their analysis, burakkesmeci highlighted Ethereum’s All Exchanges Netflow metric, which tracks the total ETH inflows and outflows across all cryptocurrency exchanges. Data from 2025 shows that Ethereum’s 30-day Simple Moving Average (SMA30) has plunged deep into negative territory.
For the uninitiated, the SMA30 is the average value of a dataset – such as Ethereum’s daily net flows – calculated over the most recent 30 days. Each day, the oldest data point drops out and the newest is added, creating a smoother trend line that filters out short-term volatility.
As of August 12, Ethereum’s SMA30 stood at -40,000 ETH, indicating an average daily outflow of that amount over the past month. Such large outflows suggest that investors are moving ETH off exchanges – likely into cold storage – in anticipation of further price gains.
The CryptoQuant contributor also pointed to growing activity in spot ETH exchange-traded funds (ETFs). Data from SoSoValue shows that spot ETH ETFs recorded more than $1.5 billion in inflows during the week ending August 12.
Notably, these ETFs have seen uninterrupted positive weekly inflows since May 16, attracting over $8 billion in nearly three months. The total net assets held in ETH ETFs now stand at $27.6 billion, representing 4.7% of Ethereum’s total market capitalization.
Burakkesmeci concluded that as long as ETH’s SMA30 remains in negative territory, its uptrend is likely to continue. They noted that unless the metric flips into positive territory, ETH’s bullish momentum could persist in the short term.
Some analysts predict ETH could reach as high as $8,600 if Bitcoin (BTC) surges to $150,000. However, a period of price consolidation is expected after ETH breaks through its current ATH.
Meanwhile, crypto market enthusiast Orbion has advised selling all ETH in October if it reaches between $5,800 and $6,000. At press time, ETH is trading at $4,684, up 6.8% over the past 24 hours.
