Overview

• Ether rose roughly 14% to eclipse its 2021 peak, touching about $4,880–$4,890 on major trackers after Jerome Powell signaled rate-cut openness at Jackson Hole.
• U.S. spot Ethereum ETFs drew fresh hundreds of millions in late-week inflows and now hold a sizable share of supply, while public corporate treasuries such as BitMine and SharpLink have accumulated multi‑billion‑dollar ETH positions.
• On-chain use is climbing with daily transactions above 2 million, active addresses near 700,000, and TVL approaching $100 billion, yet median gas fees remain compressed near cycle lows.
• Flows show rotation toward ETH as on-chain data flagged large BTC holders buying Ethereum and the ETH/BTC ratio broke higher, while Bitcoin stalled below $120,000.
• Asset managers and analysts see room for near-term upside above $5,000 with technical targets around $5,400 or even $7,000–$7,500, though realized-value bands and overbought signals point to elevated pullback risk.