Is the $6K ETH God Candle a Heavenly Sign or Just Another Market Mirage? 🤔✨

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Key takeaways:

  • ETH leaped 13% on Friday, buoyed by the dovish whispers of Federal Reserve Chair Jerome Powell, hinting at a September rate cut. Oh, the joy! 🎉

  • Technical and onchain indicators suggest that Ether might soar to the heavens, hitting $6,000 in the near future. Or so they say… 🚀

Ether (ETH) seemed to catch a favorable wind on Friday, rising 13% to $4,788 as soon as the Federal Reserve Chair Jerome Powell’s speech at Jackson Hole reached the ears of Wall Street. One can only imagine the collective sigh of relief among traders, as if a heavy burden had been lifted from their shoulders. 🙏

Within mere moments, ETH price surged from $4,200, reclaiming the $4,600 mark, a level that had stubbornly resisted it for the past seven days, according to data from CryptoMoon Markets Pro and TradingView. It was as if the market had suddenly remembered why it loved Ether in the first place. 🤠

This sudden burst of energy followed Powell’s speech, where he subtly hinted at a possible interest rate cut in September, sending ripples of optimism through the market. It was like a gentle breeze whispering sweet nothings to the ears of investors. 💍

The odds of an interest rate cut at the September 17 FOMC meeting have soared to 91.5% from 75% the day before, according to the CME Group FedWatch tool. A veritable meteoric rise, one might say. 🌠

This added a layer of bullish sentiment, potentially propelling ETH to even greater heights. But who knows? The market can be as unpredictable as a Russian winter. ❄️

ETH crosses $4,600 with a “god candle,” proclaimed analyst Elisa, adding:

Several bullish signs indicate that ETH is poised to break out toward fresh all-time highs in the coming days or weeks. It’s like the market is holding a grand ball, and ETH is the star of the show. 🌟

Continued spot ETF inflows back ETH price upside

One of the driving forces behind Ether’s bullish momentum is the persistent institutional demand, evident in the significant inflows into spot Ethereum exchange-traded funds (ETFs). It’s as if the big players have decided to throw a lavish party for ETH, and everyone’s invited. 🥳

Spot Ether ETFs saw an influx of $287.6 million on August 21, breaking a four-day outflow streak. These investment vehicles have attracted net inflows totaling $2.55 billion month-to-date, according to data from Farside Investors. It’s like a never-ending stream of gold pouring into the coffers of Ether. 💰

CryptoMoon reported that Ether continued to dominate global exchange-traded products (ETPs) last week, with inflows totaling $2.9 billion, reflecting a growing appetite among investors for altcoin ETPs. It’s as if the world has finally woken up to the charm of Ether. 🌱

Exchange supply plummets

ETH balances on exchanges have plummeted to nine-year lows, dropping to 14.9 million ETH for the first time since July 2016, as shown by Glassnode data. It’s as if the market is holding its breath, waiting for the next big move. 🧘‍♂️

The total balance between inflows and outflows in and out of all known exchange wallets has seen a sharp decline since October 2023, coinciding with a surge in withdrawals from trading platforms. This drop has been accompanied by a 180% rise in Ether’s price over the same period. It’s as if the market is setting the stage for a grand finale. 🎭

This reduction in Ether supply on exchanges may signal an impending price rally fueled by a “supply shortage,” which occurs when strong buyer demand meets a dwindling supply of ETH, according to crypto investor Crypto Virtuos. It’s like a game of musical chairs, but with billions of dollars at stake. 🎶

“The amount of $ETH held on centralized exchanges has dropped to its lowest level in 9 years,” Crypto Virtuos posted on X. This suggests that more people are opting to hold and stake ETH long-term, leading to a scarcity of ETH available for selling. 🏦

“Chance of a supply shortage coming. Is ETH ready for its next big move?”

Bull flag breakout places ETH price target above $6,000

From a technical standpoint, Ether’s price action has confirmed a bull flag pattern on the daily chart. It’s as if the market has drawn a map, pointing the way to higher ground. 🗺️

The bull flag resolved when the price broke above the upper trendline at $4,300. ETH could then rise by as much as the height of the previous uptrend, placing the upper target for the altcoin at $6,150 – a 43% increase from the current price. It’s like watching a rocket ship take off, but will it make it to the moon? 🚀🌙

Moreover, the daily relative strength index (RSI) is positive at 66, indicating that market conditions still favor the upside, enhancing Ether’s prospects of reaching its bull flag target. It’s as if the stars are aligning for a grand ascent. 🌠

Popular trader Merlijn The Trader set an even more ambitious target for Ether, noting that breaking out of a four-year downtrend, coupled with a bullish cross from the MACD on the monthly chart, sets ETH up for a rally toward $10,000. It’s like the market is writing a fairy tale, and Ether is the hero. 🌈

THE $ETH BREAKOUT EVERYONE WAITED FOR.

Ethereum just shattered a 4-year downtrend.
Monthly MACD golden cross → confirmed.

This isn’t noise.
This is liftoff.

Next stop: $10,000 Ethereum

– Merlijn The Trader (@MerlijnTrader) August 19, 2025

Other analysts also predict that Ether could reach $10,000 and beyond in 2025, citing strong institutional demand through spot Ethereum ETFs and ETH treasury companies. It’s as if the market is whispering sweet promises of wealth and prosperity. 💸✨

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2025-08-22 20:26