Ethereum reached $4,624.55 on August 13, 2025, with a 7% increase in 24 hours and a 27% rise over the past week. The cryptocurrency hit $4,647 during the session, the closest level recorded since November 2021. This is only the second time in Ethereum's history that it has surpassed $4,600.
According to market data, Ethereum is currently about 5% below its all-time high. Traders are closely watching $4,647 as a key resistance level. A decisive close above this threshold could pave the way for higher long-term targets. Support levels have been identified at $3,944 and $3,400 on the weekly chart, supported by a multi-year upward trendline from mid-2022.
Reduce Liquidation Clusters Above Current Price
Data from Coinglass shows that Ethereum has surpassed multiple liquidation thresholds above $4,600, reducing immediate resistance. The liquidation heatmap indicates fewer price clusters increasing, while liquidity remains concentrated around $4,400–$4,450.
Analyst Cas Abbé notes:
"There are not many more bullish liquidation clusters, but buyers still have the upper hand."
Abbé outlined two potential scenarios in the short term: prices dropping to $4,400–$4,450 before breaking out to new highs, or prices rising directly to all-time highs, followed by a deeper correction lasting several weeks.
Outflow from Exchanges and ETF Activity
The 30-day simple moving average (SMA) of Ethereum for net flow across all exchanges has remained negative in recent weeks. As of August 12, the SMA30 stands at -40,000 ETH, reflecting an average outflow of 40,000 ETH per day from exchanges over the past month.
Market observers suggest that this trend is partly due to purchases of Ethereum ETFs. "The ETF effect is driving buying pressure and pushing prices higher," blockchain analyst Burak Kesmeci commented. Historical data shows that prolonged negative net flow often correlates with rising price volatility, as decreasing exchange balances may limit selling pressure.
Market Sentiment and Short-Term Outlook
The recent price surge and reduced sell liquidity are reinforcing traders' optimistic sentiment. However, analysts warn that key resistance levels remain and market volatility could increase if a correction occurs after a breakout.
While some traders predict a short pullback before a price increase, others expect a direct surge to all-time highs. The next few trading sessions are expected to determine whether Ethereum consolidates near current levels or continues toward new records.
