Ethereum Nears All-Time High — Are Bears Preparing for a Major Sell-Off?

TradingKey – On Wednesday, August 13, Ethereum (ETH) extended its rally, surging more than 8% in the past 24 hours to reach a high of $4,682, its strongest level since November 2021. The price is now just 12% shy of its all-time high of $4,878, raising questions about whether the momentum can hold — or if a sharp correction is imminent.

ETH Weekly Price Chart – Source: TradingView

ETH-Linked Stocks Rise in Tandem

Ethereum’s price strength has lifted related equities in U.S. after-hours trading:

• BitMine (BMNR) rose 3.54%
• SharpLink Gaming (SBET) gained 2.67%
• Bit Digital (BTBT) climbed 2.31%

These moves reflect growing investor confidence in ETH’s breakout potential, especially as ETF inflows and treasury allocations continue to support upside momentum.

Bearish Pressure Builds Near $4,900

As ETH approaches its historical peak, bearish sentiment is beginning to surface.

• According to Spot On Chain, a wallet linked to the Ethereum Foundation sold over 4,000 ETH at an average price of $4,578
• Lookonchain reported that the mysterious group known as “7 Siblings” offloaded more than 19,000 ETH at an average of $4,532

Despite these sizable sales, ETH’s price has remained resilient, suggesting strong buy-side liquidity and limited follow-through from retail sellers.