Key Points

Despite mixed signals from institutional investors, Ethereum remains close to its historical highs. Market momentum and bullish sentiment suggest that it still has upward potential ahead.

Despite it seeming that institutional funds are preparing to withdraw, Ethereum [ETH] still sets new highs.

There have been significant outflows from spot ETH ETFs, but major institutions like ETH continue to buy. Market sentiment shows a significant divergence: some institutions are cashing out while other heavyweight investors seem intent on holding.

ETH Soars

According to CoinMarketCap data, as of the time of writing, Ethereum is trading at $4,737, slightly below its historical high of $4,891 set in November 2021.

The hourly chart shows prices initially rising (Jerome Powell's speech at Jackson Hole was a key catalyst), followed by consolidation, thus bulls are defending higher levels.

The RSI is at 62.8, indicating strong momentum, but there is still some room before entering the overbought zone.

Meanwhile, the MACD histogram has turned red, indicating a weakening bullish momentum.

If buying pressure persists, ETH may attempt to set a new all-time high again, but given the recent volatility, the possibility of a short-term pullback still exists.

Signals from institutions are mixed.

ETH is chasing new highs, but there are more unknowns behind it.

On one hand, U.S. spot ETFs are under pressure, with outflows from Ethereum ETFs reaching 111,000 ETH.

However, not all major players are retreating.

BlackRock recently purchased $233 million worth of ETH, showing long-term confidence in the asset.


Trump's World Freedom Fund also made a notable acquisition, purchasing 1,076 ETH for $5.025 million at $4,670 each, adding to the bullish narrative.

Major enterprises hold their ground

Against a backdrop of mixed sentiment among institutional investors, one of the most influential voices in the cryptocurrency space remains firmly bullish on Ethereum.

Since first announcing "$ETH = $5,000" in December 2023, Arthur Hayes has been actively swing trading ETH through his public wallet, often selling when the token is on the rise and then buying back at higher prices.

Now, the CIO of Maelstrom has reaffirmed his belief, predicting that Bitcoin will experience a massive rebound. In a recent interview with Crypto Banter, Hayes believes that

"The chart shows that prices will continue to rise; you can't fight the market."

He predicts that before this cycle ends, the price of Ethereum could soar to between $10,000 and $20,000.