Ethereum (ETH) Price: Bull Flag Forms at Resistance as ETF Inflows Hit $1.85B in August

TLDR

• ETH corrected from $2,546 to around $2,438 as rising rate-hike expectations weighed on risk assets
• US Nonfarm Payrolls came in at 162K in August, well above the 56K estimate, pushing Fed rate-hike odds to 60%
• Ethereum’s MVRV ratio crossed back above 1.00 on August 21 for the first time in 200 days
• A whale sold 167,855 ETH worth roughly $408 million over five days, adding selling pressure
• Spot ETH ETFs saw $148M in daily inflows on Thursday, with August monthly inflows totaling $1.85 billion

Ethereum is pulling back toward the $2,400 level after reaching a high of $2,546 earlier this week. The retreat comes as traders reassess risk exposure following stronger-than-expected US jobs data.

US Nonfarm Payrolls rose by 162K in August, far above the 56K consensus estimate and up sharply from July’s 21K gain. The unemployment rate held at 4.1%, and the labor force participation rate ticked up to 61.6%.

The strong jobs report pushed the probability of a Federal Reserve rate hike to the 3.75%–4.00% range up to 60%, from 49% the day before, according to the CME FedWatch tool. Higher rate expectations tend to pressure risk assets like crypto.

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