Ethereum (ETH) price blasted past $3,600 on July 18, fueled by a record daily inflows into ETH spot ETFs and a wider market resurgence. The surge came with a flood of institutional demand, led by BlackRock, and marked Ethereum’s sharpest weekly gain since May earlier this year.
With Bitcoin’s price charting consecutive new ATHs recently, all eyes now turn to Ethereum. The token’s surge past $3,600 has lead to speculations to ETH’s price reaching new highs
The ETH price boost rally resulted in speculations of a potential all-time high later this year. Interestingly, a rare historical pattern that echoed previous bull cycles has reemerged. Combined with heavy ETF accumulation, the chances of ETH price rallying to new record highs are going up by the minute.
Historical RSI Signal and Inflows Could Help ETH Price Paint New Highs
Ethereum’s recent price rally reignited attention to a long-term momentum signal first flagged by crypto analyst MikybullCrypto in April 2025.
In an April post, the analyst pointed to the 3-week Relative Strength Index nearing 40, a zone historically marking ETH price’s cycle lows.
The same RSI setup preceded major rallies in 2018, 2020, and mid-2022. ETH was trading near $1,660 when the signal triggered. Three months later, the analyst reaffirmed the setup in a July 17 post, with the price above $3,400. MilkybullCrypto noted that the ETH price could paint 2x gains and reach between $7,000 and $10,000.
In each previous instance, when the 3W RSI dipped to the 39–42 range, Ethereum posted multi-month gains of 100% or more. In each case, the RSI low coincided with macrocycle turning points, not temporary rallies. That historical pattern now appears to be repeating, positioning the April signal as a base for a broader structural uptrend.
ETF data further strengthens the argument. On July 16, Ethereum spot ETFs posted record net inflows of $726.74 million, according to SoSoValue.
Of that, nearly $363 million came from BlackRock alone. Total July inflows have now surpassed $2.27 billion, pushing ETF-held ETH to 4.02% of total supply, valued at over $16.4 billion. The accumulation trend reflects growing institutional conviction in Ethereum, even as retail participation remains subdued.
The RSI momentum shift and sustained ETF demand offer a clear argument for why Ethereum’s price structure may still have room to expand in 2025, maybe even go for a new ATH.
Pause in Momentum Before Further Upside?
While everyone remains bullish on ETH price action, there are analysts who warned that the Ethereum token is likely to experience a short-term correction.
X-based crypto analyst InmortalCrypto noted that the ETH USD pair has followed a consistent structure of range accumulation followed by upward breakouts. His latest chart suggests Ethereum is now entering a short consolidation phase—marked by price compression above prior resistance zones—before a potential continuation toward higher levels.
InmortalCrypto’s projection includes a pullback toward the $3,300–$3,400 region, followed by another leg up targeting levels above $4,000. That view aligns with broader market behavior in recent Ethereum rallies, where brief pauses have often preceded stronger directional moves. The current structure echoes similar setups from May and June, each followed by a breakout.
VeLLaCrypto echoed the short-term caution, suggesting the local top may be near, but emphasized that a retracement would be constructive. The analyst expects any pullback to serve as a base for renewed buying pressure, reinforcing the uptrend. Both views converge on the same outlook: a temporary cooldown is likely, but the broader trend remains intact.
For traders watching ETH’s trajectory, the subsequent few sessions may be less about immediate upside and more about how well the token holds above prior breakout levels.
