Ethereum surged to a historic high of $4,943! After the pullback, will it head straight for $10,000 or face a depth correction?

At the end of August, Ethereum (ETH) once soared to $4,943, setting a new historical record, but subsequently fell 8% to $4,431, sparking intense discussions in the market about the next steps. Under the influence of multiple factors such as ETF fund flows, interest rate cut expectations, and continuous institutional buying, is ETH expected to hit $10,000 to $20,000 in 2025, or will it first face a larger pullback?

Behind the Historical New High: Interest Rate Cut Expectations Ignite Risk Sentiment

Last week, Federal Reserve Chairman Powell hinted at a possible interest rate cut as early as September, stimulating a surge in global risk assets, and the cryptocurrency market heated up instantly.

ETH: Breaking above $4,900 to an all-time high

BTC: Hit a recent high of $124,496 over the same period

However, this surge quickly encountered profit-taking and leveraged liquidations:

In the last 24 hours, ETH longs were liquidated for $245 million.

BTC bulls blew $175 million

Capital flow: ETH ETF absorbs gold, BTC ETF continues to flow out

SoSoValue data shows:

ETH ETF: Inflows of $341 million on Friday, rising for the second day in a row, led by Fidelity FETH

BTC ETF: The sixth consecutive day of outflows, accumulating more than $1 billion

This reflects subtle changes in the structure of funds – institutions favor ETH in the short term, while BTC is under pressure in the near term.

Institution and Enterprise Holdings: Ethereum Demand Continues to Grow

Multiple companies have included ETH in their asset reserves:

1、Bitmine

2、SharpLink

3、ETHZilla

This enterprise-level configuration, combined with tokenization projects and favorable regulations, has driven ETH to increase by 35.34% from 2025 to date, far exceeding BTC's growth of 17.57%.

Technical and On-Chain Signals: The Possibility of Hitting $10,000

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(Source: Trading View)

Gert van Lagen: ETH's long-term holder NUPL has entered the "belief-deny" green zone, which historically is usually the pre-rally phase.

Jelle: The weekly chart confirms a bullish expanding pattern, with a technical target approaching 10,000 USD.

Mickybull Crypto: The price range is estimated at $7,000–$11,000 this cycle, and if ETF funds continue to flow in and interest rate cuts land, it is expected to hit $12,000+ in 2025.

Short-term Risks and Key Observations

Currently, ETH is priced at $4,463, with a daily trading volume of $38.6 billion, stabilizing after a historic surge.

Key to the upside: Return to $4,943 and break through effectively.

Downside risk: If it falls below $4,400, it may trigger a broader pullback.

Key Observations:

Global macroeconomic policy (timing and extent of interest rate cuts)

ETF flow direction

Changes in Institutional and Corporate Holdings

Conclusion

The sharp fall of Ethereum after reaching a historical high does not necessarily mean the end of the bull market. From ETF fund inflows, increased institutional holdings to on-chain signals, ETH still possesses the potential to hit 10,000 USD. However, the risks of short-term fluctuations and pullbacks should not be overlooked, and investors should closely monitor the battle for the support level at 4,400 USD and the resistance level at 4,943 USD.