Ethereum Price Hits Key Resistance as ETF Inflows Accelerate

Ethereum's price has been pushing into a key resistance zone of $2,450 to $2,466.89 since May, but on August 24 it reached a high of $2,466.89 before pulling back slightly to $2,454.70. This test of resistance comes as spot ETH ETFs have pulled in $693 million over five consecutive trading days, with daily inflows accelerating each session from $31 million to $71 million to $187 million to $220 million and finally $184 million.

Fundstrat's Tom Lee believes the rotation into Ethereum is 'nearly a decade in the making', pointing to the ETH/BTC ratio breaking out of a multi-year descending trendline that's been in place since 2018. Analyst Michaël van de Poppe echoed this sentiment, saying the ETH/BTC chart looks strong and that holding above the 0.03 level could set up a bigger breakout over the coming months.

Analyst borovik is extremely bullish on Ethereum, arguing the global financial system will increasingly run on it and that $10,000 ETH will feel cheap within two to three years. Meanwhile, analyst Ted made a similar long-term call, comparing ETH's current setup to Netflix's early growth story and predicting $10,000 ETH by 2029.

Ethereum's derivatives volume climbed 14.84% to $48.17 billion over the past 24 hours, while open interest rose 2.20% to $31.91 billion, showing both more trading activity and more capital staying committed to open bets. Positioning is heavily tilted toward longs across major exchanges, with Binance showing more than two long positions for every short and OKX showing 1.19.