As Ethereum’s (ETH) price tears past major resistance levels, global interest in purchasing the asset has surged over the past month, jumping nearly 20-fold.
On July 13, search interest stood at just 5 on Google’s scale of 0 to 100. By August 13, it is projected to hit 100, the highest level in at least a year, marking a 1,900% increase, according to Google Trends data retrieved by Finbold.
Geographically, the United Arab Emirates recorded the highest interest with a score of 100, followed by New Zealand (92), India (62), Australia (42), and the United States (38).
It’s worth noting that search interest does not directly translate to buying activity. However, such spikes in online attention often precede periods of heightened market volatility.
If the trend continues, Ethereum could face increased upward pressure, potentially testing key resistance levels in the near term.
ETH price analysis
This surge comes after Ethereum rallied past the $4,600 mark. As of press time, ETH traded at $4,618, up over 6% in the past 24 hours. On the weekly chart, the asset has gained 27%.
Additionally, technical setups suggest Ethereum could extend this momentum. Specifically, analysis by Gert van Lagen, shared in an X post on August 13, indicated that the second-largest cryptocurrency by market capitalization has broken out of a four-year inverse Head and Shoulders pattern, potentially paving the way for a rally toward $22,000.
According to the analyst, Ethereum is on track to complete its 2019–2025 bull market cycle with a textbook Expanding Diagonal formation. This bullish structure signals sustained upside potential if the pattern continues as expected.
At the same time, for sustained momentum, Ethereum will likely require continued inflows from institutional investors through exchange-traded funds (ETFs).
In this regard, Coinglass data retrieved by Finbold on August 13 shows that Ethereum spot ETFs recorded $523.9 million in net inflows on August 12, led by BlackRock’s ETHA with $318.7 million and Fidelity’s FETH with $144.9 million.
Grayscale’s ETH and ETHE products added $44.3 million and $9.3 million, respectively, while other issuers posted smaller gains. The previous day saw an even larger $1.02 billion inflow.
If these inflows persist and the $4,500 support level holds, Ethereum could be on track to target the $5,000 mark.
Featured image via Shutterstock
