Ethereum Hits $4,700 as Bitcoin Reaches New All-Time High

Ethereum climbed past $4,700 today following Bitcoin’s recent high of $126,198. After almost a month of little change, this rise shows renewed optimism. The price has dropped slightly to $4,671 but remains 2.3% higher for the day.

How Has Bitcoin’s Surge Helped Ethereum’s Rise?

Bitcoin’s advance to $126,198 has acted as a driving force for the crypto market, and Ethereum has followed the upward trend. Over the last week, Ethereum has climbed around 12%, with its market capitalization near $554 billion and daily trading volumes close to $45 billion. This upward movement follows the bullish flag pattern Ethereum had developed over the past two months, which finally broke upward in line with Bitcoin’s rally.

As for technical data, Ethereum’s RSI is at 63, showing that buyers continue to dominate, while potential for further growth remains. Positive market sentiment suggests that ETH might aim to revisit its former all-time high of $4,953.

Price trends are driven by a mix of retail investors, institutional participants, and major holders. Bitcoin’s performance often amplifies Ethereum’s moves and can influence other digital currencies as well.

The Impact of Whale Activity on ETH Price

Whale activity has played a major role in the recent ETH surge. Crypto analyst Ali on X reports that whales bought 800,000 ETH in the past week, worth over $3.6 billion, which is about 25% of the circulating supply. Such large purchases reduce liquidity and can have a strong impact on short-term price movements.

Interest from institutional investors continues to rise. More than $1B has entered Ethereum-focused ETFs this month alone. Investors are also transferring ETH to private wallets or staking platforms, reducing immediate sell-off risk and helping maintain favorable market sentiment.

The launch of staking-enabled Ethereum ETFs by Grayscale in the U.S. has added another layer to institutional involvement. The Ethereum Trust ETF (ETHE) and Ethereum Mini Trust ETF (ETH) let investors earn rewards while their assets stay in a regulated framework. Combined, they oversee more than $8.25 billion, showing increased interest in Ethereum among traditional investors.

Key Levels to Watch Now

After breaking out of a short-term downward channel, ETH is forming a new upward trend similar to the pattern seen in July. It's trading just above its 30-day simple moving average around $4,330, which now acts as short-term support, signaling renewed buying interest.

Immediate resistance lies at $4,700, a level ETH recovered this week. Moving past this level could push Ethereum toward $5,000, at the top of the ascending channel. Immediate support is $4,100 to $4,200, and falling below this could take it back to $3,800.

What to Expect from ETH?

Right now, Ethereum shows potential for growth. Support is near $4,330, resistance is near $4,700. Continued buying could push ETH toward $5,000. Activity from whales and institutions, along with good market sentiment, adds to the chance of gains.

Some short-term ups and downs are expected. In general, Ethereum’s technical strength and steady demand point to a positive but careful outlook.