Ethereum Pulls Back to $2,420 After Reaching Above $2,400
Ethereum's price has pulled back to $2,420 after reaching above $2,400 for the first time in months. The 3.6% decrease over the past 24 hours follows a period of strong price gains earlier in August.
As Ethereum surpassed its average on-chain acquisition cost of $2,306, some holders chose to secure profits, leading to the recent pullback. This is reflected in the Spent Output Profit Ratio (SOPR) for Ethereum, which has remained above 1 for the past week, indicating that most completed transactions resulted in realized profits.
Despite this corrective movement, institutional activity remains notable. US-based spot Ethereum ETFs recorded $234.51 million in net inflows on August 27, extending a nine-day streak. This steady accumulation has pushed weekly ETF inflows to $722.24 million, marking the largest seven-day total for Ethereum investment products in about ten months.
A major whale acquired 5,425 ETH worth $13.55 million at an average cost of $2,498, according to Lookonchain. This significant purchase took place at the $2,500 resistance level, a technically important area watched by market participants.