Ethereum Nears Record High as Analysts Eye $22,000 Target
Ethereum (ETH) is trading just 4% below its all-time high of $4,891 after a 9% surge in the past 24 hours, reaching $4,693 on August 13. Market sentiment has turned increasingly bullish, with ARK Invest CEO Cathie Wood expressing strong confidence in ETH’s future, citing growing institutional demand.
Technical analyst Gert van Lagen has identified a breakout from a four-year inverse head-and-shoulders pattern, a classic bullish signal that could propel ETH to $22,000. According to Lagen, Ethereum confirmed the breakout above $4,659, a level likely to be retested as new support before further gains.
CryptoQuant data also supports the bullish case, showing negative 30-day ETH netflows, indicating more tokens leaving exchanges than entering—a sign of reduced selling pressure. Meanwhile, institutional players, including ARK Invest and Bitmine, are increasing their Ethereum holdings.
If momentum continues, analysts believe $4,891 won’t be the final milestone, and Ethereum could be on a long-term trajectory toward $22,000.
