According to Onchain Lens in an earlier X post, an early investor in the Ethereum ICO has deposited 800 ETH (approximately $3 million) into Kraken exchange after four years of silence on this day. This fund, which had not been significantly moved for four years, has drawn market attention as to whether this transfer signals that ETH has reached its short-term peak.
Onchain Lens further added that the address initially obtained 8,950 ETH, which was worth only $2,783 at the time, and still holds 1,780 ETH (approximately $6.66 million), with a cumulative profit of $13.36 million, representing a return of 4,803%.
ETF Craze, Continuous Capital Inflow
Although Ethereum (ETH) price has recently encountered resistance at $3,800, according to Sosovalue data, the US spot Ethereum ETF continues to attract funds (maintaining positive inflow for twelve consecutive days), with net inflows exceeding $5 billion over the past two months. With multiple listed companies increasing ETH reserves, forming strong buying momentum, despite ETH rising over 160% in the past three months, the market still believes there is room for further growth.
Bitwise Investment Director Matt Hougan stated directly: "In the short term, prices of everything are determined by supply and demand, and currently, ETH's demand exceeds supply." Since mid-May, US spot Ethereum ETFs and related reserve companies have accumulated over 2.83 million ETH, which is 32 times the new issuance supply during the same period.
Hougan estimates that institutional ETH purchase demand in the next year could reach $20 billion, far exceeding the new issuance supply by 7 times.
Technical Analysis: Short-term Pullback Risk Remains
From a technical perspective, the Relative Strength Index (RSI) on ETH's daily chart is currently in the overbought zone at 85. Analysts warn that if it breaks below the moving average and falls from the overbought zone, ETH might retest the $3,470 support area, with further downside attention at $3,200. If it maintains an upward trend, the next target would be $4,100.
Over the past two years, Ethereum has underperformed Bitcoin in the long term. Now, with ETF funds and corporate treasuries working together to continuously push up ETH demand, caution is still advised regarding short-term pullback risks.
