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Following
ETH Ethereum remained above the key moving average, whales bought US$13.55 million, and ETF inflows continued to grow.
Ethereum remained above the key moving average after experiencing a significant rise in August. The continued inflow of spot ETF funds, increased derivative trading activity, and recent large-scale purchases by major investors have focused the market's attention on the target price of US$2500.
Ethereum Price Trend and Technical Outlook
Currently, the Ethereum trading price is US$2,420.48, down 3.60% in the past 24 hours. After ETH recently climbed above the $2400 mark, analysts have identified $2500 as the next key resistance level that bulls need to overcome.
According to TradingView's daily chart, technical indicators show that prices have rebounded significantly from the support area of US$1,858.89. Prices are currently consolidating above the resistance level of $2,146.39, while the 50-day moving average is at $2019, still above the 200-day moving average of $1,992.37, indicating continued buying interest.
Despite these bullish signals, the recent correction suggests selling pressure near recent highs. If prices can continue to stand above $2500, the strength of the upward trend will be further enhanced.
Spot ETF inflows add impetus to demand
Data from SoValue shows that demand for Ethereum remains strong thanks to continued inflows of cash Ethereum exchange-traded funds (ETFs). On August 27, total net inflows from these ETFs reached $234.51 million, up from $192.35 million the previous day and $179.8 million on August 25. Overall, the cumulative net inflow has reached US$12.87 billion, and the total asset management scale of these investment vehicles is US$15.57 billion.
Analysts pointed out that the persistence of these capital inflows reflects the strong demand for ETH from institutions and retail investors even if prices fluctuate.
Buying behavior of major whales and its impact
On-chain analysis platform Lookonchain reported that a major investor known as the "whale" spent US$13.55 million and purchased 5425 ETH units at an average price of US$2498. The large-scale transaction occurred near the $2500 resistance level, indicating that the investor has increased confidence in Ethereum's price potential at this level.
A whale spent US$13.55 million on 5425 ETH units near US$2500, highlighting the significant increase in market participation as it approaches the main resistance area.
As Ethereum prices hover just below the whale's purchase price, market participants are watching whether the purchase will push the market back to steam and regain its $2500 price.
Derivatives trading activity and key future prices
Coinglass data shows that open interest in Ethereum has soared to more than $32 billion, while total trading volume has exceeded $100 billion in recent days. The surge in derivatives trading activity usually means increased market participation, but it may also signal increased short-term volatility in ETH.
Open interest in Ethereum contracts soared to more than US$32 billion, coupled with trading volume exceeding US$100 billion, reflecting extremely active trading in the derivatives market.
Market observers stressed that ETH must regain and continue to stand above $2500 to confirm the continuation of the bullish market. Conversely, holding the support level of $2146 is crucial to avoid a reversal of the recent uptrend. Continued price fluctuations in either direction may determine the short-term technical direction of Ethereum.
