Ethereum surges past $4,600! Traders follow the key resistance level and institutional capital inflow.

On August 13, Ethereum (ETH) surged 7% to $4,624, reaching a nearly three-year high, just 5.4% below the historical peak in November 2021. With institutional funds accelerating inflow and on-chain activity being active, ETH has become the market focus. Traders are closely watching the breakout and retest situation at the $4,600 level, which may determine the short-term trend and subsequent upward potential.

Institutional holdings surge, ETH fundamentals bullish

According to strategicethreserve data, the total holdings of fund management institutions focused on Ethereum have reached 16.4 billion USD.

Bitmine Immersion Tech: Holds 1.2 million ETH (approximately 5.27 billion USD), accounting for nearly 1% of the total supply, with a holding increase of over 600% in the past 30 days.

SharpLink Gaming: Holds 598,800 ETH (approximately 2.74 billion USD), with a monthly increase of 177%.

Ether Machine: Holding 345,400 ETH (approximately 1.58 billion USD), monthly growth of 8%.

In addition, the Ethereum Foundation holds 232,600 ETH (approximately $1.07 billion). Although there has been a slight decrease, it remains one of the major holders. In July, the corporate Ethereum balance reached a historic monthly increase of 127%, rising to 2.7 million ETH (approximately $11.6 billion), further solidifying the bullish foundation.

Technical breakthrough at $4,400 key resistance ahead

Cryptocurrency analyst @moonshot pointed out that ETH has successfully broken through $4,400 and turned that level into short-term support. Historical data shows that after breaking through such key resistance, prices tend to accelerate upward.

Short-term support range: $4,200–$4,300

Key resistance level: $4,600

Next target: If it breaks through 4,600 USD, it may head straight for the historical high.

Technical indicators such as RSI are approaching the overbought zone, and a short-term pullback may occur, but overall market sentiment remains bullish.

on-chain data and market sentiment are bullish

The on-chain trading volume and Gas fees are rising simultaneously, with increased activity in the ETH/USDT and ETH/BTC trading pairs, indicating a rise in market participation. The growth of DeFi, NFTs, and tokenized assets further attracts the attention of traditional finance and crypto-native institutions.

The total market capitalization of cryptocurrencies currently reaches $4.1 trillion, with a daily increase of 1.8%. Institutional capital inflow and on-chain activity are seen as the main driving forces behind the continuous pump of ETH.

Trading Strategies and Risk Management

Short-term trading: Consider going long if it breaks above $4,420, with a stop loss set below $4,380.

Swing trading: follow the resistance zone of $4,500–$4,600, if it breaks through, you can hold until the historical high area.

Options Strategy: As implied volatility rises, the value of call options increases, which can serve as a bullish hedging tool.

Risks to be aware of include: macroeconomic data (such as interest rate decisions), regulatory news, and the correlation of Bitcoin (BTC) price fluctuations to ETH.

Conclusion

Ethereum has surged to $4,624, highlighting strong institutional support and reflecting the market's long-term confidence in its ecosystem. If the resistance at $4,600 is effectively broken, ETH may initiate a new round of upward movement, aiming for historical highs. Investors should combine technical analysis with on-chain data to flexibly adjust their trading strategies to seize potential opportunities and manage risks. For more real-time market information and in-depth analysis, please follow the official Gate platform.