TLDR
- ETH gained 32.5% in August, its best month since July 2025
- US spot ETH ETFs pulled in $1.85 billion in net inflows during August
- Whales accumulated 430K ETH while retail investors sold off holdings
- ETH is struggling to break the $2,550 resistance level, currently trading around $2,463
- BitMine purchased 53,501 ETH last week, bringing its total holdings to roughly 5.9 million ETH
Ethereum is trading around $2,463 on September 2, up about 1.79% over the past 24 hours. That follows a strong August where ETH posted a 32.5% monthly gain — its best performance since July 2025.
The rally was driven largely by US spot ETH exchange-traded funds. According to SoSoValue data, these products attracted $1.85 billion in net inflows during August, their best month in over a year. The funds closed the month on an 11-day inflow streak, with only four negative days recorded across the entire month.
Whale wallets holding between 10,000 and 100,000 ETH accumulated 430,000 ETH during August, with most of that buying concentrated in the final two weeks. At the same time, retail wallets offloaded hundreds of thousands of ETH, suggesting a clear rotation from smaller holders to larger ones.
Staking activity also picked up. Ethereum staking contracts added 1.4 million ETH in August, the largest monthly increase since February 2024. More ETH locked in staking reduces the available supply on the market.
Crypto analyst BATMAN flagged the shift in trend on X, writing that ETH “seems to not be getting the attention it deserves.” He pointed out that the recent price move marked a trend reversal back to bullish after nearly a year of bearish price action. He noted that the 50-day moving average, which had previously rejected ETH multiple times, is now acting as support. His message to followers: “Don’t sleep on ETH.”
$ETH seems to not be getting the attention it deserves.
The recent pump marked a trend reversal back to bullish, after being bearish for almost a year.
Ethereum got rejected by the 50-day MA multiple times.
Now that things have been flipped, it acts as support.
Don't sleep on… pic.twitter.com/U8hI5zXbyG
— BATMAN ⚡ (@CryptosBatman) September 1, 2026
ETH Stalls at $2,550
Despite the strong August, ETH has struggled to push above $2,550. Multiple attempts have failed to produce a sustained breakout above that level. On-chain analyst Ted Pillows noted that long positions are building aggressively around current prices, raising the risk of a flush if ETH gets rejected again. Open interest reached roughly 4.973 million, with funding rates elevated.
$ETH tried to break above the $2,550 level but failed again.
For now, I think most of Ethereum's moves are done in the short term.
Expecting more chop and a small capitulation before reversal. pic.twitter.com/Q1pD2dS8xR
— Ted (@TedPillows) August 31, 2026
If buyers can’t hold current levels, the $2,250–$2,300 zone is the next major support area to watch. A break above $2,550 could open a move toward $2,650–$2,700.
Institutional Buying Continues
Institutional demand has continued despite the short-term stall. BitMine purchased an additional 53,501 ETH last week, lifting its total holdings to approximately 5.9 million ETH.
Analyst DonAlt has pointed out that there is limited macro resistance between current price levels and the $4,000–$4,100 zone, making that a key higher-timeframe target if ETH builds momentum.
ETH currently trades at $2,463, with $2,550 remaining the clearest short-term resistance on the chart.
