According to an earlier article by Onchain Lens on X, an early investor in the Ether ICO, after four years of silence, today (23) deposited 800 ETH (approximately $3 million) into the Kraken exchange. This fund has not seen large-scale movement for four years, and its transfer to the exchange has raised market speculation about whether this indicates that ETH has reached a short-term peak.
Onchain Lens further supplements that the address initially received 8,950 ETH, which was worth only $2,783 at the time, and still holds 1,780 ETH (approximately $6.66 million) to this day, with a total profit of up to $13.36 million, yielding a return rate of 4,803%.

ETF frenzy, with funds continuously flowing in
Although the price of Ethereum (ETH) recently faced resistance at $3,800, according to Sosovalue data, US spot Ethereum ETFs continue to attract funds (maintaining positive inflows for twelve consecutive days), with net inflows exceeding $5 billion in the past two months. Coupled with multiple listed companies increasing their ETH reserves, this has created strong buying support. Despite ETH rising over 160% in the past three months, the market still believes there is upward potential.
Bitwise investment advisor Matt Hougan bluntly stated: 'In the short term, the price of everything is determined by supply and demand, and currently, ETH demand exceeds supply.' Since mid-May, US spot Ethereum ETFs and related reserve companies have accumulated more than 2.83 million ETH, which is 32 times the new issuance supply during the same period.
Hougan estimates that the purchase demand for ETH from these institutions over the next year could reach $20 billion, far exceeding the new issuance supply by seven times.
Technical observation: Short-term pullback risks remain
As for the technical aspect, the relative strength index (RSI) of the ETH daily chart is currently in the overbought zone at 85. Analysts remind that if it falls below the moving average and retreats from the overbought zone, ETH may test the $3,470 support area, and further downward movement would focus on $3,200. However, if it maintains an upward trend, the next target would be $4,100.
In the past two years, Ethereum has lagged behind Bitcoin in long-term performance. Now, with ETF funds and treasury companies joining forces, ETH demand continues to rise, but one must remain cautious of short-term pullback risks.