Key Highlights
- Ethereum has rallied more than 18% within a single day, now hovering near $2,375
- On August 19, U.S. spot Ethereum ETFs saw $189.15 million in net inflows ā the highest daily total in 10 months
- BlackRock’s ETHA product dominated with $122.12 million in single-day capital inflows
- Large holders extracted more than 150,000 ETH from Binance in recent weeks
- Bulls are eyeing $2,500 as the critical resistance that could confirm a medium-term uptrend
Ethereum is currently changing hands at $2,375 following a powerful 18% surge over the past 24 hours, breaking through significant resistance zones at $2,000, $2,100, and $2,200 before touching an intraday peak of $2,318.66.
This explosive price action resulted from a combination of significant whale movements, institutional ETF demand, and a decisive breakout from a prolonged consolidation zone.
Data shows that on August 19, U.S.-based spot Ethereum exchange-traded funds attracted $189.15 million in net capital ā marking the strongest single-day performance in 10 months. This institutional buying preceded the dramatic 18% price expansion.
BlackRock’s ETHA product spearheaded the capital influx with $122.12 million in fresh inflows, representing approximately 58,240 ETH. The fund’s total cumulative inflows have now climbed to $11.85 billion, with assets under management approaching $6.52 billion.
Meanwhile, Fidelity’s FETH vehicle captured $36.54 million in new investments, and Grayscale’s Ethereum ETF secured an additional $16.04 million during the same trading session.
Large Holders Remove ETH From Trading Platforms
Significant wallet activity intensified throughout the rally. Address 0x2d59 moved 30,000 ETH valued at approximately $67.42 million off Binance. This same address has extracted a total of 120,000 ETH ā valued near $237.7 million ā from the exchange across the last three weeks.
Abraxas Capital similarly moved 18,000 ETH worth $39.56 million off exchanges, while a freshly created wallet withdrew an additional 6,704 ETH valued around $14 million on the same date.
Ethereum holdings on centralized exchanges have declined by 15% across 11 weeks, dropping from 7.70 million tokens on June 2 to 6.54 million by August 18, based on data from Santiment.
Another major holder initiated a 4x leveraged long position consisting of 20,000 ETH valued at $45.38 million on Hyperliquid, currently holding unrealized gains of $6.66 million.
Market Observers Weigh In
Trader Michael Van de Poppe highlighted ETH’s movement as a significant market development, noting the asset’s climb to the 0.033 BTC ratio level. He identified potential pullbacks as strategic entry points while ETH advances against Bitcoin.
Market participant Ted (@TedPillows) described ETH’s latest price candle as “an absolute monster,” emphasizing that the next major barrier lies around $2,500. According to his analysis, successfully reclaiming that threshold would prevent ETH from establishing a new low.
The Bull/Bear Power technical indicator reached its strongest yearly reading at approximately 528. Large transaction volume spiked dramatically from 2,690 to 6,910 within 24 hours ā representing nearly a threefold multiplication.
ETH initially signaled a potential bottom formation on June 6, bouncing from $1,549, with a double bottom structure developing and the neckline at $1,800 being breached. The cryptocurrency is presently trading at $2,375.
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