Ethereum (ETH) continues to trade below key technical resistance despite steady institutional buying and whale accumulation. As the second-largest cryptocurrency hovers near $1,850–$1,890, traders are weighing improving ETF inflows against weakening derivatives sentiment. The asset struggles to hold above the 100-day Exponential Moving Average (EMA), leaving the market poised for a potential breakout or further decline.
ETF Inflows Signal Institutional Confidence
According to SoSoValue, on August 5, Ethereum spot ETFs recorded a total net inflow of $60.8576 million. BlackRock’s ETF ETHA led with a single-day net inflow of $50.3442 million, bringing its cumulative total to $11.53 billion. BlackRock’s Staked ETH ETF ETHB followed with a single-day net inflow of $4.9382 million, reaching a cumulative total of $555 million. Additionally, the Morgan Stanley MSSE ETF saw its first inflow, indicating rising institutional participation.
Technical Resistance Caps Upside Moves
Ethereum has failed to break above the May peak and the 100-day EMA at $1,930 three times, signaling strong seller defense at that level. The Relative Strength Index (RSI) sits near the mid-50s, reflecting neutral momentum. The asset is currently confined within a narrow trading range of $1,840–$1,950, a pattern of price compression that often precedes sharp directional moves.
Immediate support lies between $1,837 and $1,872, where the 20-day EMA, 50-day EMA, and the 0.382 Fibonacci retracement converge. A break below this band could push ETH toward the next horizontal support at $1,711. On the upside, a daily close above $1,930 would open the path to $1,940, $2,042, and the psychological resistance zone around $2,000–$2,170.
Whale Accumulation Offsets Bearish Derivatives Sentiment
While perpetual futures positioning has turned cautious, the spot market tells a different story. CryptoQuant data shows increased ETH derivatives volume, with Net Taker Volume shifting negative and the Taker Buy-Sell Ratio dropping below 1—indicating aggressive sellers currently outnumber buyers.
Yet whales continue to accumulate. Lookonchain reports that one whale deposited 19,000 ETH from Gemini into staking and has accumulated 112,000 ETH over the past three weeks. Another wallet has purchased nearly 79,216 ETH since late June at an average price of $1,777. Meanwhile, BitMine Immersion Technologies grew its stake to 5.797 million ETH—about 4.8% of circulating supply—and expanded its buyback program. Staking revenue from its holdings is estimated at approximately $247 million annually.
Historical Context and Outlook
August has historically been a mixed month for Ethereum, with a median return of -1.87% over the past 11 years; seven of those years ended with a negative monthly close. While seasonal weakness remains a headwind, continued ETF inflows, whale accumulation, and a breakout above the $1,930–$1,961 resistance zone could allow ETH to reclaim the $2,000 mark in the coming weeks.