Ethereum price remained in a tight range on Friday, even as Wall Street investors continued to accumulate. ETH was trading at $3,670 on Friday, a few points below the year-to-date high of $3,870. This consolidation could trigger more gains, potentially to $4,000 in the near term.
Ethereum Price Technical Analysis
The daily timeframe shows that the ETH price has been moving sideways over the past few days. It formed a golden cross pattern on June 10 as the 50-day and 200-day moving averages crossed each other.
The bullish cross pattern formed on the same day that the Ethereum price moved above the upper side of the bullish flag pattern. Ether has remained above the Supertrend indicator and is a few points below last year’s high of $4,100.
Ethereum price is now slowly forming the bullish pennant pattern, which is made up of a vertical line and a triangle pattern. This pennant has a height of at least 30%.
Therefore, the price is likely to experience a strong bullish breakout, with the next key point to watch being $4,100. A move above that level will be a sign that it has enough momentum to push it to its all-time high of $4,800. It will then jump to the psychological point at $5,000.
However, there is a significant risk that the Ethereum price will undergo a process known as mean reversion. Mean reversion is a situation in which an asset returns to its historical average.
In this case, the current ETH price value of $3,670 is much higher than the 50-day and 200-day moving averages, which point to $2,930 and $2,615. This means that it may drop to align with these averages or continue to consolidate for a while.
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ETH Has Major Catalysts
The most likely scenario is where the Ethereum price continues to rally this year. Indeed, most people on Polymarket believe that the coin will surge and reach its all-time high before the year ends.
The main catalyst for the rally is that Wall Street investors have continued to allocate cash to spot ETFs. These funds have added over $1.1 billion in assets this week, the twelfth consecutive month of gains. This surge has brought the cumulative inflows to $8.8 billion.
Notably, BlackRock’s ETHA ETF has become the third-fastest-growing ETF in history, as its assets surpassed the $10 billion mark. The other two funds were those of BlackRock and Fidelity.
LOOK OUT: $ETHA just hit $10b in one year flat, the 3rd fastest ETF to hit that mark in history after (you guessed it) two bitcoin ETFs $IBIT & $FBTC. Amazingly it went from $5b to $10b in just 10 days (ETF asset equiv of a God candle). Is in Top 5 in flows 1M, 1W. Sister Hazel! pic.twitter.com/Jrrb15BdHV
— Eric Balchunas (@EricBalchunas) July 24, 2025
Further, Ethereum is dominating all the most important industries in the crypto sector, like decentralized finance (DeFi), non-fungible tokens (NFTs), and real-world asset tokenization.
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