TLDR
- ETH has risen 30% since August 19 but is facing resistance at $2,500
- Tom Lee and Bitmine bought 34K ETH and see a pattern similar to 2021 and May 2025 rallies
- Ethereum’s funding rate on Binance hit its highest level in one year at 0.01
- Spot ETH ETFs recorded $1.06 billion in inflows in August 2026, the best month in 12 months
- Whales added 182K ETH while retail wallets sold 207K ETH last week
Ethereum has climbed more than 30% since August 19, pushing its price toward the key $2,500 resistance level. The rally is showing signs of slowing down, but several indicators are still pointing upward.
Tom Lee, Chairman of Bitmine, disclosed that the company purchased 34,000 ETH between August 17 and August 21. Lee pointed out that ETH just recorded its highest weekly gain since May 2025.
He noted that similar large weekly candles appeared in July 2021 and May 2025. After those moves, ETH gained 167% and 170% respectively.
Lee believes macro conditions could support further gains, citing looming $1 trillion in Treasury buybacks as a factor that could boost liquidity and demand for risk assets.
Analyst Ash Crypto also weighed in on X, noting that ETH pumped +31% this week and printed its highest weekly close since May 2025. He highlighted that ETH is now testing the Weekly 200-day Moving Average, which he described as “the most important line for trend reversal.” Ash Crypto outlined two scenarios: a close above that level opens the path to $2,800–$3,400, while a rejection could send ETH back to $1,900 or even $1,500.
$ETH pumped +31% this week and printed its highest weekly close since May 2025.
ETH is now testing the Weekly MA 200 MA the most important line for trend reversal.
The chart shows:
1. Strong bounce from long-term support near $1,500
2. Previous bounce from the same zone was… pic.twitter.com/D5G5L7B3cm— Ash Crypto (@AshCrypto) August 24, 2026
Funding Rate and On-Chain Data
Data from CryptoQuant shows Ethereum’s funding rate on Binance has risen to 0.01, the highest reading in one year. This means long traders are paying fees to short sellers to hold their positions open.
CryptoQuant analyst Arab Chain noted that the rising funding rate reflects an improved risk appetite, with traders moving toward spot products.
On-chain data also shows ETH broke above its realized price of $2,306, a level that represents the average cost basis for investors. Retail wallets holding 100–1K ETH sold 207K ETH last week, while wallets holding 10K–100K ETH added 182K ETH.
ETF Inflows Hit 12-Month High
US spot ETH ETFs recorded $1.06 billion in inflows so far in August 2026, the highest monthly total since August 2025. BlackRock’s iShares Ethereum Trust led with $814 million in inflows, followed by Fidelity’s Ethereum Fund with $81 million.
ETH ETFs now hold $14.74 billion in total net assets, equal to 4.93% of ETH’s market cap.
ETH saw $103.2 million in liquidations in the past 24 hours, with $69 million coming from short positions. A golden cross signal has formed, with the 20-day EMA crossing above the 200-day EMA.
The next resistance levels are $2,678 and $2,865, while support sits at $2,431 and the 20-day EMA near $2,162.
