Ethereum (ETH) is trading around $2,485 after repeated attempts to hold above $2,500 have been met with selling pressure. Despite over $1 billion in recent US spot Ethereum ETF inflows, the token has struggled to sustain levels above the psychological round number, according to data from Coingecko.
Over the past 24 hours, ETH reached as high as roughly $2,555 before sellers pulled it back below $2,500. The token remains up 6.2% over the past week and 32.1% over the past two weeks, preserving much of the recovery from its August lows near $1,800.
ETF inflows and profit-taking
US spot Ethereum ETFs have been a primary driver of demand. Per SoSoValue data, these funds recorded an eighth consecutive day of net inflows on Wednesday, adding approximately $192 million and pushing the cumulative streak past $1 billion. This sustained institutional interest has not, however, been enough to overcome profit-taking from traders who bought during the August dip and are now sitting on significant short-term gains.
Each attempt to break above the $2,500–$2,550 zone has drawn selling, limiting upside momentum. Notably, the repeated rejections have not coincided with a collapse in institutional demand, as the ETF inflow streak continued even as ETH struggled around resistance.
Futures positioning and liquidity
Futures market dynamics have shifted since the initial leg of the recovery. Approximately 500,000 ETH of open interest was removed during the week, reducing some of the forced buying that had helped the earlier rally as bearish positions were closed or liquidated. At the same time, positive funding rates indicate that leveraged traders remain positioned long.
On the 48-hour Binance ETH/USDT liquidation heatmap, the strongest concentration of upside liquidity is visible around $2,545–$2,555, with additional clusters extending toward $2,575 and $2,600. This suggests that a breakout above $2,555 could trigger a cascade of short liquidations, potentially fueling a move toward those higher targets.
Broader market and macro backdrop
Bitcoin has provided some support to the crypto market after moving above $80,000, though its own volatility around the $78,000–$81,000 range has kept ETH without a sustained market-wide push through resistance. Investors are also awaiting Federal Reserve Chair Kevin Warsh's Jackson Hole speech on Aug. 28, following July headline PCE inflation of 3.7% year over year, with core PCE at 3.3%. The US 10-year Treasury yield remains around 4.65%.
Technical analysis
On the daily chart, ETH is trading around $2,487 and remains above all four major exponential moving averages (EMAs). The 20-day EMA sits at $2,248, followed by the 200-day EMA at $2,154, the 50-day EMA at $2,061, and the 100-day EMA at $2,014. This positioning keeps the August recovery intact despite repeated failures around $2,500. Chaikin Money Flow remains positive at 0.22, indicating persistent buying pressure.
On the 4-hour chart, ETH is near the Keltner Channel midline at $2,480, with the upper boundary at $2,561 and the lower boundary near $2,399. Holding above $2,480 would leave ETH in position for another attempt to reclaim $2,500. Beyond that, recent highs around $2,530 lead into a heavy concentration of short liquidation liquidity between $2,545 and $2,555, making that area a critical test for a sustained breakout. A clean move through $2,555 could target the upper Keltner boundary near $2,561, with additional liquidity between $2,575 and $2,600 providing the next potential targets.
On-Balance Volume (OBV) on the 4-hour chart remains well above pre-rally levels but has flattened during the recent consolidation. An increase in OBV alongside a move through $2,500 would signal fresh volume supporting the breakout, while continued sideways movement could leave the price vulnerable to another rejection.
On the downside, losing the Keltner midline near $2,480 would put the first liquidation cluster around $2,460–$2,475 in play. Liquidity becomes denser again between $2,430 and $2,450, while a stronger correction could take ETH toward the lower Keltner boundary near $2,399. On the daily timeframe, the 20-day EMA at $2,248 would become the next major dynamic support if ETH loses the shorter-term levels.
For broader context, Bitcoin's reclaim of $80K has helped stabilize the crypto market, while Solana's recent surge shows altcoin momentum. However, Ethereum's ability to break $2,500 remains the key near-term question.
This article is for informational purposes only and does not constitute financial advice.
