Key takeaways:
ETH price hit a 4-year high weekly close at $4,475, driven by ETF inflows and high network activity.
A key support zone for Ether sits between support at $4,000 and $4,150.
Ether (ETH) price hit another milestone this cycle after the ETH/USD trading pair achieved its highest weekly close since November 2021.
Ether completes best week in four years
Ether closed the week at $4,475 on Wednesday, according to data from Cointelegraph Markets Pro and TradingView confirms.
This significant milestone follows a breakout above the $4,000 resistance level, which had been in place since 2021, signaling strong bullish momentum.
One of the reasons are spot Ethereum ETFs with massive inflows over the last month, and a record $1.02 billion on Aug. 11 alone. These inflows are led by BlackRock’s ETHA, now totaling over $12.6 billion, per data from Farside Investors.
Related: Ether trader turns $125K into $43M, locks in $7M after market downturn
BlackRock now holds more than half of all ETH ETF holdings, according to data from CryptoQuant.
“BlackRock’s ETHA now makes up 58.03% of all Ethereum ETFs, holding a massive 3,490,450 ETH in its wallets,” said CryptoQuant analyst Burakkesmeci in a Monday Quicktake analysis, adding:
“This momentum shows a clear ETF-driven rally in Ethereum, led by BlackRock’s dominance in the market.”
Ether continued dominating capital inflows into exchange-traded products (ETPs) last week, according to CoinShares. Inflows into ETH investment products totaled $2.9 billion, marking strong institutional investor appetite for the top altcoin.
Corporate treasuries, with 69 entities holding $17.3 billion in ETH (3.4% of supply), also add to the buy pressure.
Demand for ETH is also reflected in high network activity, with transaction volume hitting a record 1.74 million daily transactions on Aug. 5, according to data from Nansen.
More than 46.67 million transactions were recorded in July, fueled by stablecoin transfers, DeFi, and layer 2 growth.
ETH price levels to watch this week
As ETH trades at $4,300, several key price levels warrant extra close attention, based on technical analysis and market dynamics.
The immediate support zone lies around $4,100 to $4,000, a range that previously acted as a stubborn resistance in 2021 but has now flipped to a critical support area.
This level aligns with the 20-day exponential moving average (EMA) at $4,140, and $4,150 is key support, where 341,000 ETH tokens were accumulated, per Glassnode’s Cost basis distribution heatmap.
“As long as the weekly close holds the $4K–$4.25K region, I treat dips as consolidation,” said popular analyst Demi-Defi in an Aug. 18 post on X, adding that a weekly close below $4,150 could trigger a “deeper drop” to the $3,650–$3,750 region.
On the upside, the analyst said a weekly close above $4,550 could confirm a breakout into new all-time highs with targets set between $5,000 and $5,800.
”I remain bullish while $4.15K+ holds weekly.”
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