Ethereum tearing up towards $4,000 as ETH displays ‘main character moment’

Key Points

1. Ethereum is on the verge of a breakout, having reclaimed $3,800, with a well-formed cup-shaped pattern identified between $2,500 and $3,000.

2. Market sentiment is optimistic, with 80.5% of respondents in a TrendSpider poll expecting Ethereum to reach $4,000 in 2025, and some predicting even higher targets like $5,000, $6,000, $7,000, or $8,000.

3. Ethereum ETFs recorded $402.5 million in net inflows on July 18, surpassing Bitcoin's $363.4 million, with BlackRock’s ETHA driving 98% of the activity.

4. On-chain data showed a whale purchased 13,462 ETH (about $50 million) at $3,715, and futures open interest rose 12.79% month-over-month to $786 billion.

5. At press time, Ethereum was trading at $3,745, up more than 5% in the last 24 hours and 25% over the past seven days, with technical indicators like the 50-day SMA at $2,674 and 200-day SMA at $2,357, but the 14-day RSI at 84 indicates overbought conditions.