As Ethereum (ETH) approaches its all-time high (ATH) trading price, on-chain data shows that this second-largest cryptocurrency by market cap is facing increasing buying pressure. Currently, the asset's price is around $4,600, just 4% below its all-time high.

Ethereum's daily net outflow has reached 40,000.

In the past month, over 1.2 million ETH have been withdrawn from cryptocurrency exchanges. This analyst believes that Ethereum's upward trend may continue.

Ethereum (ETH) has surged 53.8% in the past month, highlighting increasing buying pressure from institutional investors. The asset's price has doubled from around the $1,500 low reached in April this year.

The indicator tracks total ETH inflows and outflows across all cryptocurrency exchanges. Data from 2025 shows that Ethereum's 30-day Simple Moving Average (SMA30) has fallen into negative territory.

For beginners, SMA30 is the average of a dataset calculated from the last 30 days (e.g., Ethereum's daily net flow). Each day, the system removes the oldest data point and adds the newest data point, creating a smoother trend line to filter out short-term fluctuations.

As of August 12, Ethereum's SMA30 is -40,000 ETH, indicating that the average daily outflow over the past month has reached this level. Such a large-scale outflow of funds suggests that investors are moving ETH off exchanges—likely to cold wallets—in anticipation of further price increases.

Trading activity for spot ETH exchange-traded funds (ETFs) is on the rise. Data from SoSoValue shows that for the week ending August 12, inflows into spot ETH ETFs have exceeded $1.5 billion.

Notably, since May 16, these ETFs have consistently seen inflows each week, attracting over $8 billion in funds over the past three months. Currently, the total net assets held by ETH ETFs have reached $27.6 billion, accounting for 4.7% of Ethereum's total market cap.

The upward momentum of ETH will be maintained.

As long as ETH's SMA30 remains in negative territory, its upward trend may persist. Unless the indicator turns positive, ETH's bullish momentum may continue in the short term.

Some analysts predict that if Bitcoin (BTC) surges to $150,000, the price of ETH could soar to $8,600. However, after ETH surpasses the current highs, a period of price consolidation is expected.

Meanwhile, cryptocurrency market enthusiast Orbion suggests that if ETH reaches between $5,800 and $6,000 in October, it should be fully sold. As of the time of writing, ETH is trading at $4,721, having risen 3.09% in the last 24 hours.