Ethereum touched $4,500 for a few hours, restarting the argument over whether fresh institutional money will keep lifting the price or whether heavy wallets will sell and technical levels will force a pullback. The event affects institutional buyers, short term traders, and projects that need ETH liquidity, framing a near-term test of demand versus supply.
The spike lands while ETF flows push ETH higher. Net inflows, a plain sign that institutions buy, reinforcing the narrative that fund demand is a key driver. The chart now shows resistance at $4,700, and at the same time, large wallets unload coins, so the chance of a drop grows as supply meets that level.
Ssources that say “ETH held the 100-day EMA near $3,850.” The 100-day EMA gives more weight to recent closes than a simple average, and that hold shows buyers stepped in near the mid range, yet analysts still list $3,200 – $3,500 as a possible floor.
The price target for Ethereum
There´s some call for $5,000 soon, others set 2025 at $8,000; the low case sits at $1,600 – $1,450 if support snaps, underscoring a wide spread of outcomes.
ENS and small speculative tokens move with ETH and add extra volatility, amplifying swings across the ecosystem when ETH accelerates in either direction.
ETF inflows raise demand but also can lock up spot supply, which helps price on the way up but can thin liquidity when conditions flip. Whale sales and the $4,700 level raise the odds of a correction if buyers fail to absorb supply at resistance.
The 100-day EMA at $3,850 is the next support, a reference that traders are watching after the recent hold. ENS as well as quoted memecoins can fall faster if ETH slips, reflecting their correlation and higher beta.
Support at $3,850, resistance at $4,700, with ETF flows as fuel and downside risk toward $3,200 – $3,500. Watch $4,700 on the top side and $3,850 below; a daily close above $4,200 would open a path to $5,000, while loss of $3,850 would raise the risk of deeper losses.
In sum, ETH’s spike underscores a market split between institutional inflows and whale distribution. The practical takeaway is that near-term direction hinges on ETF-driven demand, whale activity, and the $4,700/$3,850 levels that define the immediate risk-reward.
