Ether (ETH) is displaying resilience, building a strong base valued at $7.5 billion, while analysts foresee a potential surge to $6,500 by the end of the year. Despite ETH's price remaining below $5,000, substantial accumulation and unprecedented institutional inflows are setting the stage for a possible Q4 target of $6,800.
Recent analysis indicates significant accumulation of ETH, suggesting strong investor confidence in its future. Exchange flow analysis reveals that Binance has played a key role in this accumulation, managing the largest outflows during this phase. Interestingly, addresses depositing ETH onto Binance show an average cost basis closer to $3,150, highlighting different positioning among long-term holders. This substantial base establishes a key support zone if prices decline.
Ethereum and Solana are currently competing for the highest monthly DEX volume. On-chain trading volumes reached nearly $250 billion in August, with Ethereum fueling nearly $135 billion compared to Solana's $110 billion.
Top ETH ETFs by assets under management include BlackRock (ETHA) with $17.1 billion, Grayscale (ETHE) with $4.9 billion, DigitalAssets (FETH) with $3.6 billion, BitwiseInvest (ETHW) with $623 million, and VanEck (ETHV) with $287 million. Top Ethereum applications by monthly fee generation are Tether ($200 million), Circle ($122 million), Uniswap ($79 million), and Lido Finance ($42 million), driven by stablecoin activity.
Crypto has dominated major indexes regarding 1-year price returns, with Ether recently catching up to Bitcoin. Bitcoin (BTC) and Ether (ETH) have both seen 87% gains, compared to Gold (33%), QQQ (20%), and SPX (16%).
