Ethereum (ETH) has experienced a notable price rally in August 2025, reaching $4,400 for the first time since 2021 and subsequently breaking through key milestones of $4,444, $4,500, $4,600, and $4,700 over the course of August 12-13. This marks the highest level ETH has seen since December 2021. The cryptocurrency surged over 117% in the preceding 52 days and showed a gain of more than 8% on August 12 alone. After briefly retreating to around $4,400, Ethereum reclaimed the $4,500 level by August 17, supported by strong technical momentum and respected support zones throughout 2024. On-chain data indicates a supply shock, with only 18.4 million ETH remaining on exchanges, suggesting increased demand and potential for further price appreciation. Market analysts highlight that if current trendlines hold, August could be a breakout month for ETH, with targets of $5,000 and even $15,000 being discussed. The rally is viewed as a bullish retest against Bitcoin (BTC), with accumulation signals and supply constraints fueling optimism for continued upward movement in Ethereum's price.