Ethereum Price Tumbles Amid Profit-Taking, But Spot ETFs See Strong Inflows
Ethereum's price took a 3.6% dip to $2,420 on August 27 as profit-taking kicked in following its recent rally. The price surge was driven by strong institutional demand, with U.S. spot Ethereum ETFs attracting over $234 million in inflows that day, marking the ninth consecutive day of positive flows and the largest weekly inflow in nearly ten months.
Despite the dip, Ethereum's price still remains above its average acquisition cost of $2,306. Market indicators show a cautious momentum with key support at $2,431 and resistance at $2,680. A major wallet accumulated 5,425 ETH near the $2,500 resistance level, indicating confidence among large investors.
Blockchain activity and futures data suggest mixed signals about the rally's sustainability. Technical analysis shows that Ethereum is still on track to reach its target of $3,000, driven by strong institutional demand and growing interest in the asset.