Ethereum (ETH) has shown remarkable resilience despite facing repeated rejections at the $2,800 resistance level. Multiple technical and on-chain indicators now suggest the cryptocurrency may be gearing up for a significant upward move toward the $5,000 mark in 2025.

Institutional Demand Through Ethereum ETFs

Global Ethereum investment products have recorded eleven consecutive weeks of inflows, averaging 1.6% of assets under management. This surpasses Bitcoin products' 0.8% weekly inflow rate, highlighting growing institutional interest. US-based spot Ethereum ETFs, particularly BlackRock's iShares Ethereum Trust, have attracted over $510 million in net flows during the past fortnight.

——This sustained demand creates a strong foundation for price appreciation——

Supply Shock Indicators Emerge

Glassnode data reveals ETH balances on exchanges have plummeted to 13.5% - levels last seen in July 2016. Simultaneously, wallets holding ≥100,000 ETH have accumulated an additional 700,000 ETH since May, suggesting whales are positioning for higher prices. The combination of decreasing available supply and increasing accumulation often precedes significant price movements.

Profit-Taking Remains Subdued

The Spent Output Profit Ratio (SOPR) currently sits at 1.01, indicating most holders remain unwilling to sell at current levels despite being in profit. Historically, SOPR values above 1 during uptrends correlate with extended bullish phases. CryptoQuant data shows this metric has maintained its position above the break-even point throughout ETH's recent consolidation.

Technical Patterns Suggest Major Upside

Ethereum's weekly chart displays a V-shaped recovery pattern originating from December 2024 lows. The MVRV extreme deviation bands point to potential upside targets between $4,000-$5,000 before reaching overbought territory. A decisive break above the $2,600-$2,800 supply zone could accelerate momentum toward these levels.

【Key Data Points】

• Exchange balances: 13.5% (8-year low)
• Whale accumulation: +700,000 ETH since May
• ETF inflows: 11 consecutive positive weeks
• SOPR ratio: 1.01 (profit-taking minimal)

Market analysts note that Ethereum's fundamentals appear stronger than during its 2021 all-time high, with network upgrades and growing institutional adoption creating favorable conditions. While short-term volatility may persist, the convergence of these factors suggests the $5,000 target remains within reach for 2025.