As of August 14, 2025, the trend of Ethereum (ETH) shows a strong rise, with prices approaching historical highs and driven by multiple favourable information factors. Here are the key analyses:

### 1. **Current Price and Trend**
- **Current Price**: The trading price of Ethereum is approximately **$4,674**, close to the highest level since 2022, just about 5% away from the historical peak ($4,892).
- **24-hour rise**: Some data shows that ETH has risen about 7%-9%, influenced by favourable information from U.S. inflation data and institutional capital inflow.
- **Trend Direction**: Technical indicators show **short-term bullish bias**, forming a "trend reversal" (CHoCH) after breaking the $4,092 resistance level, with a target pointing to $4,869.

### 2. **Key Support and Resistance**
- **Resistance Level**：
- **$4,750** (short-term target)
- **$4,869** (weekly level key resistance, close to historical high).
- **Support Level**：
- **$4,540** (Keltner Channel Upper Band)
- **$4,386** (Supertrend support).

### 3. **Market Drivers**
- **Institutional Capital Inflow**: The daily net inflow of Ethereum spot ETFs exceeded **1 billion USD**, setting a historical record, reducing exchange liquidity and pushing up prices.
- **Macroeconomic Impact**: The US July CPI data was lower than expected (2.7% year-on-year), reinforcing expectations for a Federal Reserve interest rate cut, boosting risk assets (including cryptocurrencies).
- **Technical Breakthrough**: The DMI indicator shows **+DI 45.66**, -DI only 9.87, ADX strengthens, confirming the upward trend.

### 4. **Short-term Forecast**
- **Bullish Scenario (45% Probability)**: If it breaks through $4,869, it may target $5,000, or even long-term goals of $6,000-$8,000.
- **Retracement Risk (35% Probability)**: If it fails to break through, it may fall back to the $4,200-$4,400 support range.
- **Market Sentiment**: Polymarket traders predict a 65% chance of ETH reaching $5,000 this month.

### 5. **Risk Warning**
- **Short-term Overbought**: RSI enters the overbought zone, which may trigger a correction or consolidation.
- **Leverage liquidation risk**: Recently, $135 million in short positions were force-liquidated, and market volatility may intensify.

### Summary
Today, Ethereum's trend is relatively strong, but attention should be paid to the breakthrough situation in the $4,750-$4,869 resistance zone. Institutional funds, ETF inflows, and macro policies are the main driving forces, but caution is needed for the risk of a pullback under high volatility.