Ethereum (ETH) is trading at a new all-time high as the second-ranked cryptocurrency by market cap continues to record a surge in capital inflow that has grown over $20 billion in the past day. 

Specifically, the asset recorded an inflow of $23.61 billion to its market cap in the past 24 hours, rising from $573.50 billion to $597.11 billion by press time.

This growth has also been reflected in price movement, with Ethereum trading at $4,927, nearly 4% higher on the day and up 9% over the past week.

Why ETH is rallying 

Several catalysts have driven the rally. For instance, on August 24, entities holding between 1,000 and 10,000 ETH purchased $2.5 billion worth of tokens, the largest single-day inflow since 2018. Indeed, such whale accumulation usually points to a possible bullish sentiment. 

At the same time, developers confirmed that the Fusaka hard fork will activate between November 5 and 12. The upgrade will introduce PeerDAS for scalable data availability and triple gas limits, directly addressing Ethereum’s scalability bottlenecks. 

Once the upgrade goes live, it’s expected to reduce costs on Layer 2 networks and potentially attract further decentralized application development, echoing the growth seen after the Pectra upgrade in May 2025.

ETH’s price path to $10,000

From a technical perspective, analysis by Ted Pillows indicates that Ethereum has broken out of a prolonged consolidation phase, with price action now tracking the upper boundary of a rising channel.

In an X post on August 24, Pillows noted that the breakout has already propelled ETH beyond $4,900, with the $5,000 level emerging as the next immediate target. 

The analysis added that investors should expect a brief pause at this threshold before further continuation, with the broader structure supporting a potential move toward $10,000 later in the cycle.

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