Ethereum’s price remains uncertain as on-chain data and institutional flows signal conflicting directions. Exchange reserves have fallen to a 10-year low of about 15.1 million ETH, suggesting reduced selling pressure, while spot ETH ETFs have seen consistent inflows this month. However, analysts remain divided: some forecast a rally toward $2,300–$2,400, while others warn of a potential drop to $1,000 or lower. BitMEX co-founder Arthur Hayes recently purchased over $2.5 million worth of ETH, adding to the mixed signals.
The second-largest cryptocurrency has staged a minor resurgence in recent days. Analysts speculate that the price may soon surpass $2,300, while others warn of a potential drop as low as $1,000.
Analyst Ali Martinez revealed that investors have withdrawn roughly 1 million ETH (worth almost $2 billion) from centralized platforms over the last 30 days. Data from CryptoQuant shows total exchange reserves have fallen to around 15.1 million, the lowest level in ten years.
“Falling exchange balances typically point to reduced sell-side pressure, a trend that supports Ethereum’s bullish outlook,” Martinez noted.
Another positive development is the return of institutional interest. According to SoSoValue, inflows into spot ETH ETFs have dwarfed outflows on most days this month. Conservative investors such as pension funds and hedge funds have increased their exposure, prompting firms like BlackRock, Fidelity, VanEck, and Franklin Templeton to back the shares with real ETH. Earlier this week, BitMEX co-founder Arthur Hayes spent over $2.5 million to purchase 1,332 ETH.
Multiple analysts cite $2,300 as a common short-term target. According to Ali Martinez, an increase of that magnitude is possible after the formation of a double bottom on ETH’s price chart, as long as the asset holds the $1,850 level. KALEO envisioned a pump to $2,300 by mid-August, which could then be followed by a major drop to $1,200 and a revival in October.
Analyst Crypto Patel described a potential surge to $2,160–$2,400 as a likely scenario, going further to predict a possible explosion to as high as $10,000 in the event of a confirmed close above $2,400. At the same time, they suggested that a rejection from that range may open the door to a crash to $1,500–$1,000.
