Exchange outflows and ETF activity drive strong Ethereum buying pressure, keeping upward momentum intact.
Ethereum’s price reached $4,624.55 on August 13, 2025, with a 24-hour gain of 7% and a 27% increase over the past week. The cryptocurrency touched $4,647 during the session, a level last seen in November 2021. This marks only the second time in history that Ethereum has crossed $4,600.
According to market data, Ethereum is now about 5% below its all-time high. Traders are closely watching $4,647 as a key resistance level. A decisive close above this point could open the path toward higher targets over the long term. Support levels are identified at $3,944 and $3,400 on the weekly chart, supported by a multi-year ascending trendline from mid-2022.
Data from Coinglass shows Ethereum has cleared many liquidation levels above $4,600, reducing immediate overhead resistance. The liquidation heatmap indicates fewer clusters to the upside, while liquidity remains concentrated in the $4,400-$4,450 range.
Analyst Cas Abbé noted,
“There are not many liquidation clusters left to the upside, but the buyers are still dominating.”
Abbé outlined two potential short-term scenarios: a pullback to $4,400-$4,450 before a breakout to a new high, or a direct move to all-time highs followed by a deeper correction lasting several weeks.
Ethereum’s 30-day Simple Moving Average for all-exchange netflows has remained in negative territory in recent weeks. As of August 12, the SMA30 stood at -40,000 ETH, reflecting an average daily outflow of 40,000 ETH from exchanges over the past month.
Market observers attribute this trend in part to spot Ethereum ETF purchases. “The ETF effect is fueling buying pressure and pushing prices higher,” reported blockchain analyst Burak Kesmeci. Historical data shows sustained negative netflows often correspond to upward price movement, as reduced exchange balances can limit selling pressure.
Recent price momentum and reduced sell-side liquidity are reinforcing bullish sentiment among traders. However, analysts warn that key resistance levels remain and market volatility could increase if a correction follows a breakout.
While some traders anticipate a short pullback before a rally, others expect a straight move to all-time highs. The next few trading sessions are expected to determine whether Ethereum consolidates near current levels or pushes toward new records.
