Ethereum Struggles to Break Above Consolidated Range Amid Stronger BTC Demand
Ethereum's recent price recovery has not yet led to a sustained swing in its favor, despite Bitcoin breaking above $82,000. While Ethereum reclaimed $2,500 after a nearly 5% gain, its ETF inflows have been inconsistent and less strong than those of Bitcoin. Institutional demand remains key in the crypto market, with Bitcoin's ETF attracting nearly a billion dollars since the start of the month.
On-chain data suggests that Ethereum's network participation has not accelerated at the same pace as its price recovery. Daily active addresses have decreased since August 9th and remain below 500K this month, indicating that higher prices are not accompanied by increasing wallet activity.
Whale activity in Ethereum has intensified, with over a million ETH involved in transactions worth nearly $5 billion. However, large ETH movements can represent exchange transfers, institutional custody movements, or actual buying and selling, rather than clear evidence of accumulation.
The $2,500 to $2,550 zone remains a key test for Ethereum's price recovery, with the $2,560 region having repeatedly capped upside attempts. A sustained move above this range could take ETH above its consolidated range and bring the $3000 target back into focus.