Ethereum Holds Ground Above $2,400 Amid Strong ETF Inflows
Ethereum's price has maintained above $2,400 as institutional demand through ETF vehicles remains strong. The asset experienced a 3.60% decline over 24 hours after significant upward momentum in August.
The recent correction appears driven by profit-taking behavior among holders, with the Spent Output Profit Ratio (SOPR) for Ethereum maintaining readings above 1 throughout the previous week. This indicates that the majority of ETH transactions during this timeframe resulted in realized gains.
American spot Ethereum exchange-traded funds captured $234.51 million in net positive flows on August 27, building on $192.35 million recorded August 26 and $179.80 million on August 25. This uninterrupted nine-day accumulation period brought weekly ETF inflows to $722.24 million, representing the most substantial seven-day performance for Ethereum investment products in approximately ten months.
A significant market participant deployed $13.55 million to acquire 5,425 ETH at an average cost of $2,498, data from Lookonchain reveals. This accumulation occurred precisely at the $2,500 resistance zone, a technically significant level monitored by market participants.