Ethereum Clocks $4,500. How Long Until All-Time High?

Ethereum resumed its uptrend after its slight decline on Monday. It opened trading at $4,244 and gradually rose, peaking at $4,520.

The 2-hour chart shows that the hike to its current high took place in less than 6 hours, suggesting that the coin had a short burst during this period. Nonetheless, its latest candle on this scale shows that the altcoin is struggling to continue the surge.

Ethereum’s recent peak has sparked another round of jubilation across the market as it returns to its all-time high for the first time since December 2021. It means that the asset is almost done with recovery mode and will look to surge higher.

A sweep through X shows that the belief in a new all-time high is unwavering. Several proponents recently announced their predictions of the asset surging to $8k in 2025. The ongoing uptrend reinforces this assertion.

Data from Glassnode indicates that the altcoin is arousing more interest. Options open interest climbed to $13.7 billion, its highest this year. The current value is less than $1 billion shy of the previous all-time high. The spike in options also signals confidence in further price surges.

Cointab reported another factor for the upward trend. Ethereum spot ETFs attained a new milestone on August 11 amid the coin’s descent. Its inflow exceeded $1 billion as several funds soaked up the supply. BlackRock led the inflow as it posted an influx of over $639 million, and Fidelity posted $276 million. 

The Bears Lurk

Reports from CryptoQuant indicate that the altcoin is gaining even more attention from the bears following its recent surges. It noted Ethereum open interest is above $10 billion, and market-wide short positions surged by over 500% in the last 10 months. The positions increased by over 40% last week.

Further data from the platform reveals that the gradual spike in bearish actions is yet to reflect on the asset. A clear indication of this is the taker buy-sell ratio. The metric is at 1.04, indicating that the shorters are willing to pay more to keep their positions open. It also means that the long positions outweigh the other positions.

Data from Coinglass reveals a similar trend. The number of long orders is slightly higher than the other. A closer look at the trend over the last seven days shows a similar trend for most of the period. Nonetheless, there is a cluster of orders around $4,500, and the bulls are edging.

Is an Ethereum ATH inbound?

An Ethereum all-time high is almost inevitable. There are huge indications that it will happen within the next fourteen days. The ETH/USDT Futures orderbook shows that investors are firm in their stance for the milestone.

After the massive cluster of orders around $4,500, there is another clump that extends above $4,600. Following the orders in this region, the orderbook reveals other standalone marks like $4,800 and $5,000. Ethereum will flip these price levels as investors look forward to a climb to $5k. 

The 1-day chart shows that the spike to a new all-time high will not exceed August. The last time ETH broke above $4,500, it continued higher, peaking above $4,600 before correcting. If the same trend plays out, the altcoin will continue its surge, edging closer to $4,700 before retracing.

However, the retracement will be brief, and Ethereum will surge above $4,800 following its rebound.

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