Ethereum ETF capital inflows ended, currency prices were under pressure below US$1920, BitMine held

Ethereum is approaching its breakthrough range, and ETF inflows are over. BitMine holds 5.81 million ETH

This week, the Ethereum trading price is close to US$1,878.72, after its trading range narrowed to its lowest level since 2026. Buyers repeatedly provided support around $1,855, while sellers limited the rebound above $1,930, bringing the symmetrical triangle pattern closer to a key decision point. After five consecutive weeks of net inflows, spot Ethereum exchange-traded funds (ETFs) recorded a net outflow of $2.26 million, the first weekly redemption since the beginning of this stable inflow cycle.

Ethereum approaches breakthrough zone

ETH fluctuates within a narrow range around its 20-day exponential moving average (US$1,882.14), which reflects its short-term momentum. A daily close above this level will improve the short-term outlook, but the more important resistance levels are at $1,918 and $1,920, where the 100-day moving average meets the Parabolic SAR. Once a breakthrough in this area is confirmed, prices may move upwards to about $1,960 near the upper edge of the triangle, and then the $2,000 mark will become the focus of attention. If bullish momentum continues, approximately $2,129 near the 200-day moving average could provide the next upside target.

Support for Ethereum appears near the 50-day moving average of about $1,864. Below this, the Fibonacci point of US$1,837 and the lower edge of the triangle of approximately US$1,800 provide further downward protection. A fall below US$1,864 may signal a technical weakness and put ETH at a lower level. Intraday attempts to rebound above $1,930 were repeatedly suppressed, while buyers remained active around $1,855. Analysts stressed that confirmation of a breakout at the close is crucial to verifying bullish or bearish targets.

Blockchain analysis platform Glassnode reported that selling pressure on Ethereum has dropped to levels below 2022 bear market lows. Still, analysts pointed out that drying up selling does not guarantee that a bottom has emerged, as further volatility is still possible.

Institutional capital flows change, BitMine increases pressure

As of the week ending August 14, the spot Ethereum ETF recorded a total outflow of US$2.26 million, ending a five-week cycle that has attracted a cumulative net inflow of US$566.12 million. These ETFs currently have cumulative net inflows of US$11.45 billion and net assets of US$10.52 billion. Although a one-week outflow constitutes only a small reversal, if redemptions continue, it may put pressure on the sector, especially in areas where Ethereum's price intersection is prone to key technological breakthroughs.

During the same period, net ETH flow from the spot exchange reached negative US$3.48 million, meaning that the number of withdrawals exceeded the number of deposits. This trend usually indicates tightening supply and increased investor confidence. In the derivatives market, trading volume jumped 12.04% to US$26.12 billion, but open interest fell 1.37% to US$25.44 billion, as traders cut back on directional bets, showing a cautious attitude towards holding positions.

Glassnode data shows that selling pressure on Ethereum has dropped to the lowest level on record, even below the lows of the market downturn in 2022. While this suggests that sellers may be exhausted, there is no guarantee of an immediate reversal or a solid price bottom, as market pressures may still persist. The total amount of liquidation within 24 hours was US$10.6 million, of which long positions accounted for US$7.39 million and short positions accounted for US$3.2 million, indicating that buyers have suffered more forced liquidations, reflecting the compression of price trends and uncertainty in direction.

Broader macroeconomic factors, including interest rate policy, continue to put pressure on digital asset prices. Changes in the financial environment could support the recovery or trigger further declines in speculative markets.

Institutional interest remains a key driver. BitMine reports that it currently holds 5.81 million ETH units, accounting for 4.8% of Ethereum's total supply, and plans to increase its position to 5%. The company also pledged 5.07 million ETH pieces, with a total value of approximately US$11.6 billion. Chairman Tom Lee gave ETH a long-term price forecast of US$22,000 for reasons including stablecoin growth, tokenization, decentralized applications and increased institutional engagement, but this forecast is much higher than current technology goals.

As technical signals point to a contracting triangle and traders pay close attention to resistance levels, many market participants are turning to smarter ways of portfolio tracking. In such a market, a single Federal Reserve decision or a sudden altcoin listing can instantly change market sentiment, switching between the use of various charts, news and portfolio data can create friction and can lead to costly delays.