Ethereum Stretched but Buyers Hold Ground Amid Institutional Demand

Ethereum's price has retreated slightly after a rally spurred by strong spot ETF flows, trading near $2,400. The recent surge in institutional demand, particularly in August, has shaped ETH's direction, and buyers are pushing higher. However, momentum appears stretched, with mixed signals from technical indicators.

Record ETF inflows have sustained bullish sentiment this week, with BlackRock's ETHA leading net subscriptions. Corporate purchases like BitMine Immersion Technologies' addition of over 53,000 ETH have further tightened supply, while increased staking activity has deepened demand.

The Stochastic RSI is in oversold territory, but momentum signals are mixed, with the RSI approaching overbought and the MACD remaining bullish. Immediate support is seen at $2,383, with resistance overhead at $2,566.