Ethereum could rally around $20K, predicts veteran analyst

A growing chorus of analysts is predicting that Ethereum (ETH) will break its all-time highs, and September appears to be a crucial month.

On August 22, Crypto analyst Benjamin Cowen said that ETH might rally before possibly taking a dip in September.

At the same time, Arthur Hayes, co-founder of BitMEX and now head of Maelstrom, confirmed that he bought some Ethereum back, plainly stating, "the chart says it's going higher." Hayes even thinks Ethereum will reach $20,000 this cycle.

At press time, Ethereum was trading at $4800, up 14.25% in the last 24 hours, as per Kraken.

Institutional investments fuel growth

Supporting the optimism is the tidal wave of institutional investment flowing into Ethereum ETFs.

According to SoSo Value data, Ethereum spot ETFs saw a grand total of $287.61 million in net inflows on August 21, while Bitcoin ETFs saw net outflows of nearly $194 million.

Whale rotation: BTC to ETH

Spot On Chain's on-chain data shows that whales have changed their strategy in a big way.

Two long-time Bitcoin whales who bought 100,784 BTC seven years ago are now switching to Ethereum. The whales are said to have sold 4,621.9 BTC (about $523.5 million) and bought 82,398 ETH (about $353.6 million) in two wallets.

They also created a huge leveraged long trade on Hyperliquid worth 135,265 ETH ($583.7 million), with liquidation levels between $3,487 and $3,612.

However, the whales still retain 84,645 BTC worth $9.55 billion, which means this is not a full exodus but a smart way to spread their investments.

Meanwhile, interest in social Bitcoin has remained lackluster, with analysts noting a decreasing amount of retail interest versus previous cycles.

With Bitcoin consolidating and institutions moving inflows to Ethereum, sentiment continues to sway very heavily in Ethereum's favor.

As of August 18, BitMine Immersion Technologies has fueled the ongoing bull run by announcing that its crypto holdings have reached $6.61 billion, including 1.52 million Ethereum. This makes it the world's largest Ethereum holder and the second-largest overall crypto treasury.

This story was originally reported by TheStreet on Aug 22, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

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