Ethereum (ETH) Price: ETF Inflows Hit Nine-Day Streak as ETH Stalls Near $2,500
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.
… Continue reading the full article at the original source below.
This content is automatically aggregated. Full credit goes to the original publisher (coincentral.com).
