TLDR
- ETH is trading around $2,420 after a strong August rally, pulling back 3.60% in 24 hours
- US spot Ethereum ETFs recorded $234.51 million in inflows on August 27, a nine-day streak
- A whale bought 5,425 ETH for $13.55 million near the $2,500 resistance level
- On-chain data shows profit-taking is rising, with ETH’s SOPR staying above 1
- Key support sits at $2,431; resistance is at $2,680 and then $2,879
Ethereum is trading at $2,420.48 after pulling back 3.60% in the last 24 hours. The move follows a strong August rally that pushed ETH above the $2,400 level for the first time in months.
The pullback comes as investors appear to be taking profits. ETH recently climbed above its average on-chain cost basis of $2,306, a level that tends to unlock selling from holders who were previously at a loss.
On-chain data backs this up. Ethereum’s Spent Output Profit Ratio (SOPR) has stayed above 1 for the past week. That means most ETH moved on-chain during that period was sold at a profit.
Despite the profit-taking, ETF demand has stayed strong. US spot Ethereum ETFs recorded $234.51 million in net inflows on August 27, following $192.35 million on August 26 and $179.80 million on August 25.
Spot Bitcoin ETFs End Nine-Day Inflow Streak With $202M Outflow; Ethereum ETFs Take In $102M
According to SoSoValue, U.S. spot Bitcoin ETFs saw $202 million in net outflows on August 28 (ET), ending a nine-day inflow streak. Spot Ethereum ETFs recorded $102 million in net… pic.twitter.com/jZNxqksmVU
— Wu Blockchain (@WuBlockchain) August 29, 2026
That nine-day inflow streak pushed weekly ETF totals to $722.24 million. That is the strongest weekly total for Ethereum funds in roughly ten months. Total cumulative net inflows now stand at $12.87 billion, with assets under management at $15.57 billion.
Whale Buy Near $2,500 Draws Attention
A crypto whale spent $13.55 million to purchase 5,425 ETH at an average price of $2,498, according to Lookonchain. That entry is right at the $2,500 resistance level, which traders are watching closely.
A whale(0xD452) spent $13.55M to buy 5,425 $ETH at a price of $2,498 in the past hour.https://t.co/bGutf2HVcy pic.twitter.com/WpgOU9Xj7M
— Lookonchain (@lookonchain) August 28, 2026
With ETH currently below that entry price, the market is watching to see if buyers can push back above $2,500. Holding that level would strengthen the current bullish setup.
Analyst Daan Crypto Trades (@DaanCrypto) commented on the price action, noting that ETH made a higher high on the weekly chart, which improves market structure. He warned bulls that the last thing they would want is a drop back below $2,300.
$ETH Solid breakout but needs to keep going here.
The last thing you'd want as a bull is for this to deviate back below the range it just broke out from below $2.3K.
But the market structure has improved considerably by making this higher high on the weekly. pic.twitter.com/Gt72ZQAsyo
— Daan Crypto Trades (@DaanCrypto) August 28, 2026
Stablecoin inflows have added broader liquidity support. Over $4.1 billion entered the crypto market over the past two weeks, according to DefiLlama data.
On-Chain Activity Still Lagging
Network activity has not kept up with the price move. Transaction counts and active addresses have both declined over the past week, suggesting the rally has not yet been confirmed by real usage growth.
Derivatives markets are also cautious. Open interest has not recovered meaningfully since a recent leverage flush and short-liquidation event. Ethereum recorded $97.3 million in liquidations in the past 24 hours, with $75.8 million from long positions.
The 14-day RSI sits at 69, just below overbought territory. The Stochastic Oscillator is at 81, pointing to stretched short-term conditions.
Ethereum open interest has surpassed $32 billion while trading volume crossed $100 billion, per Coinglass. The key level to watch remains $2,500 to the upside and $2,146 as the main support below.
