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BTC 
ETH Ethereum broke through the US$2500 mark, improving earnings and hedging selling pressure with ETF inflows
Ethereum (ETH) gained 4.1% during the day, and its trading price stabilized above US$2500. As holder profitability improves and exchange-traded fund (ETF) funds continue to flow in, the market's long-short power game intensifies, and large-scale selling pressure has become the focus of attention.
Key Points
- Ethereum rose 4.1% within the day to close at US$2,508.45, successfully recovering the US$2500 integer mark.
- The realized-to-value ratio (MVRV) has returned to this level after falling below 1.00 for 200 consecutive days, marking a return to unrealized profitability for the average holder.
- Despite the inflow of ETF funds, the escape of giant whales as much as US$408 million and the hacker's associated token exchange operations have still caused significant market selling pressure.
Chain profit indicators rebound
Ethereum broke through the $2500 resistance level that has been difficult to stand firmly since February 2026, and finally closed at $2,508.45. Media reports pointed out that the rebound occurred after a long period of bearish pressure and consolidation, rather than a continued strong rise.
The momentum indicator also improved. Ethereum's Relative Strength Index (RSI) has retreated from overbought territory to a range of 60 to 70, which is still generally seen as a strong bullish signal.
According to CryptoQuant data, on August 21, Ethereum's realized market value ratio (MVRV) exceeded 1.00 for the first time, ending the previous 200 consecutive days of below 1.00. The shift occurred as ETH prices returned to above their reported realized price (approximately $2300), meaning that average holders returned to unrealized profitability.
Selling pressure on the chain appears
A positive reading of the MVRV indicator does not guarantee that prices will continue to rise, because once positions turn profitable, realizing price zones often attract holders to take profits. Therefore, maintaining prices above $2300 is crucial to market recovery.
On-chain data has shown obvious signs of selling. Lookonchain traced that a giant whale address had accumulated 167,855 ETH, and then appeared to have sold all of its positions in about five days. At current prices, the deal was worth approximately $408 million. At one snapshot moment, 70,739 ETH worth approximately US$174 million had been transferred to the exchange, while the remaining 97,115 ETH worth approximately US$237 million remained in the wallet.
According to analysis by Alex Thorn, head of Galaxy Research, a hacker associated with a Coldcard device also began exchanging stolen Bitcoin (BTC) for Ethereum through THORChain. The hacker has moved about 10% of the stolen funds, while the remaining 90% remains untouched.
At the same time, SoSoValue data showed that the spot Ethereum ETF recorded inflows of US$365.17 million in July and reached US$1.85 billion in August. As of the time of report, capital inflows in September had reached US$104.26 million. These inflows provided demand support for the market even as large holders were selling.
Outlook for the Future
Currently, bulls still need to confirm whether US$2500 can be transformed into an effective support level, because Ethereum has recently stalled around US$2458. Ethereum has struggled to hold on to its main resistance level in the past few months, only regaining its realized price level of $2300 in August, after the MVRV ratio had been below 1.00 for 200 consecutive days. This historical background suggests that the $2300 to $2500 range will be the key to determining whether this rally can turn into a broader rally.
