Ethereum (ETH) has consolidated above the $4700 level, moving close to its all-time high recorded in the previous market cycle. The gap between the current price and the record level is now approximately 3.3%.

Over the past month, Ethereum’s price has increased by more than $2000, climbing from below $2500 in early July. Compared to the April low of around $1400–1500, the growth exceeds 240%. This performance indicates a significant shift in market sentiment.

In the past 24 hours, the market has seen more than $250 million in short positions liquidated. Ethereum accounted for the largest share of these closures. The forced buybacks triggered by short liquidations added further upward pressure on the price, supporting continued growth.

Key factors driving the increase:

Institutional investment. Major financial organizations and corporations are increasing their holdings of Ethereum, viewing it as a strategic digital asset for long-term storage.

Inflow into spot investment products. Interest in Ethereum-based ETFs has grown significantly, generating additional demand.

Short position closures. The rapid price increase caused a short squeeze, amplifying the upward movement.

Additionally, analysts note a shift in demand structure. Retail investor activity remains moderate, while institutional market participants continue to expand their Ethereum allocations. This suggests a strategic interest in the asset with expectations of long-term appreciation.

From a technical perspective, breaking above the psychologically important $4700 level increases the likelihood of testing the all-time high. If the current trend and external conditions persist, Ethereum could reach or surpass record levels in the near future.

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