Ethereum spot ETFs have recorded net inflows every trading day since August 12, with 12 consecutive sessions bringing in more than $1.5 billion. The substantial capital flow helps explain Ethereum’s rapid price gains and raises the question of whether strong ETF demand can push ETH above the $2,500 level.
BlackRock’s Ethereum ETF attracts more than $1 billion
Analytics platform Arkham reported that BlackRock clients have purchased more than $1 billion worth of Ethereum through the firm’s ETHA spot ETF, with no days of net selling. Over nine trading days, ETHA accumulated $1.02 billion in Ethereum.
ETF inflows of this size point to strong institutional demand. However, derivatives market data suggests that Ethereum is also facing significant aggressive selling pressure.
Ethereum sell pressure is absorbed above key support
The Ethereum taker buy/sell ratio fell to 0.81 on Binance, marking one of the most extreme readings in its history. Crypto analyst Moreno observed that aggressive market-order selling volume was approximately 23% higher than taker buying volume.
Despite the elevated selling pressure in the derivatives market, ETH was trading just below the $2,500 psychological level. A normalization in the taker buy/sell ratio while Ethereum remains near $2,500 would represent a strong bullish signal.
Analysis of the realized prices for different ETH balance cohorts identified the $2,260-$2,350 range as the cost basis for the largest wallets. Ethereum’s market price remains above the aggregate cost basis of even these largest holders, meaning every tracked cohort is holding unrealized profits to varying degrees.
A breakdown below key cost-basis levels would signal growing seller dominance. At the same time, rising Open Interest combined with aggressive selling would create a particularly bearish setup.
As long as Ethereum defends the $2,300 area, buyers can remain confident that the market is absorbing the selling pressure.
Ethereum’s short-term range raises distribution concerns
Ethereum has established a trading range between $2,383 and $2,530. Consolidation following a period of explosive gains can be healthy, but the range’s position near the $2,466 swing high from June raises concerns that the market could be entering a distribution phase.
Options data indicates that market participants are positioning for an Ethereum price rally in September. A breakout above the $2,530 local range high would provide the first important bullish signal for traders to monitor.
Ethereum price outlook
The continued streak of Ethereum spot ETF inflows points to firm demand, while derivatives data highlights strong aggressive selling at the same time.
Short-term consolidation has interrupted Ethereum’s upward momentum. A decisive breakout above $2,530 is needed to confirm the next upward impulse move.
Source: cryptonews.net
