Key takeaways:
Ethereum ETF inflows show persistent demand from institutions.
Price gains are supported by record network activity.
ETH gained 195% on BTC since April, which bodes well for “altseason.”
Bullish technicals suggest that ETH price can reach $12,000 this cycle.
After rallying to new all-time highs above $4,950 on Sunday, Ether’s (ETH) price has retraced by over 12% to $4,300. Despite this downturn, multiple data points suggest that ETH price still has more room to run in 2025.
Strong spot Ethereum ETF flows, treasury demand
Institutional interest in ETH has surged recently, driven by record-breaking ETF inflows and corporate treasury adoption.
US-based spot Ethereum ETFs have seen unprecedented demand, with single-day inflows reaching a record $1.02 billion on Aug. 11 and cumulative net inflows exceeding $13.7 billion since their July 2024 launch.
Related: Ethereum exit queue hits record $5B ETH, raising sell pressure concerns
These investment products continue to attract capital, drawing $39.1 million in net inflows on Thursday and extending their inflow streak to six consecutive trading days, according to data from Farside Investors.
Inflows into ETH ETFs have also outpaced Bitcoin ETFs, attracting 10 times more capital than BTC ETFs, and reflecting the current capital rotation into Ether products.
Ether also continues to grow as a corporate treasury reserve asset, with BitMine Immersion Technologies buying 78,791 more ETH worth $354.6 million. With the latest acquisition, the company holds approximately $8 billion worth of ETH, making it the largest corporate holder.
🔥 UPDATE: Bitmine adds another 78,791 $ETH($354.6M), now holding a total of 1,792,690 $ETH worth over $8B. pic.twitter.com/s2kXW9YYxP
— Cointelegraph (@Cointelegraph) August 29, 2025
Part of Ether’s potential to rise higher comes from expectations that institutional adoption will continue to grow, as traders eye the $7,000 target as the next significant milestone for ETH price.
Strong network activity
Ethereum’s network fundamentals appear stronger than ever, with monthly average transactions climbing to 49.8 million from 31.7 million in July, representing a 57% increase, per data from Nansen.
Active addresses rose by 24% to 9.6 million over the same period.
Weekly DEX volumes rose to an all-time high of $39.2 billion in the second week of August, data from DefiLlama shows.
Rising transaction activity, a surge in active addresses and record DEX volumes all suggest that demand for Ethereum is rising.
While the total value locked (TVL) in Ethereum’s DeFi protocols dominates at $92 billion, representing 60% of the market share.
ETH price gains on BTC
Ether has been up 195% since April, but it has also more than doubled in price in Bitcoin (BTC) terms.
BTC price has rallied 47% over the same period, while other top-cap layer 1 tokens, such as BNB Chain’s BNB and Solana’s SOL, have rallied 55% and 98%, respectively.
The ETH/BTC pair also surged since April, reaching a 12-month high of 0.043 BTC on Sunday.
This rally has resulted in the MACD flashing a bullish cross on the ETH/BTC monthly chart for the first time in five years.
The last time this happened was in June 2020, preceding a 270% rise in the ETH/BTC trading pair and culminating in a 2,300% rally in ETH/USD to an all-time high of $4,867 in November 2021.
MACD BULLISH CROSS JUST FLASHED ON $ETH/ $BTC FOR THE FIRST TIME IN 5 YEARS. #ALTSEASON HISTORICAL SIGNAL pic.twitter.com/gToF4UHMOE
— Mikybull 🐂Crypto (@MikybullCrypto) August 28, 2025
A similar scenario could now play out with a parabolic rally, ushering a so-called altcoin season, with many analysts expecting a typically bullish Q4.
ETH price technicals target new all-time highs
Ether’s technical setups on multiple time frames are leaning bullish, too.
ETH displayed strength after breaking above a rounded bottom chart pattern on the daily chart. The price still traded above the neckline of the pattern at $4,100, a confirmation that the breakout was still in play.
The measured target of the rounded bottom chart pattern is at $12,130, or a 180% rise from the current price.
Others, such as Trader Jelle, say that a bullish “megaphone” on the weekly chart points to ETH resuming its bull trend toward $10,000.
This bullish megaphone has a target of roughly $10,000.
But you wouldn’t believe it.$ETH pic.twitter.com/0F8Yq9qnl6
— Jelle (@CryptoJelleNL) August 29, 2025
This aligns with targets previously flagged by other market analysts, including Standard Chartered’s Geoffrey Kendrick, who anticipates ETH to hit at least $7,500 by year’s end.
Other technical setups suggest ETH’s price could climb to as high as $20,000 in the coming months.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.