Ethereum is testing a pivotal resistance level at $2,550, and a weekly close above it could open the door toward the $3,000 mark. Meanwhile, BlackRock's ETHA fund purchased $1.02 billion worth of ETH over nine days, with no net-selling days recorded during that stretch.

After rejecting the $2,550 area, ETH found support near $2,400. A break below that level could expose $2,360 and then $2,320.

Ethereum turned lower from the $2,550 zone after climbing from its Aug. 21 lows, putting ETH's key support and resistance levels in focus. Income Sharks discussed consolidation and a possible move toward $3,000, while Ted highlighted $2,550 as the decisive resistance. Separately, Arkham reported that BlackRock's ETHA bought $1.02 billion of ETH across nine days.

ETH Rejection Puts $2,550 Resistance in Focus

Income Sharks noted that traders often lose more money during consolidation than during downtrends because they overtrade sideways markets. In such periods, the analyst argued, waiting can be the better approach. According to Income Sharks, ETH shows a setup similar to its previous move if the current decline marks a bottom.

The analyst said consolidation could build a new base for another advance. However, Income Sharks also flagged the possibility that ETH could accelerate directly toward $3,000. The analyst added that choppy market conditions can push traders to close long positions before the next move higher.

Ted reported that ETH faced rejection from the $2,550 resistance zone. In his view, a weekly close above $2,550 could push Ethereum toward $3,000. Continued rejection from that zone, however, could send ETH down toward $2,000-$2,100. As a result, $2,550 remains the key level in Ted's outlined scenarios.

Ethereum Pulls Back Toward $2,400 Support

Price action shows ETH rising from roughly $2,320-$2,360 on Aug. 21, then reaching approximately $2,520-$2,540 between Aug. 27 and Aug. 28. Selling pressure followed the rejection around $2,500-$2,520.

ETH dropped to approximately $2,405 before stabilizing around $2,435.36. The immediate support zone sits between $2,400 and $2,420. A sustained break below $2,400 could expose $2,360 and potentially $2,320.

On the upside, ETH first needs to reclaim $2,480. The $2,520-$2,540 range remains the major resistance region and the recent swing high. Momentum indicators stayed cautious: the RSI stood at 39.06 with its moving average around 37.73, while the MACD histogram read +0.64.

BlackRock's ETHA Purchases Reach $1.02 Billion

According to Arkham, BlackRock's clients purchased more than $1 billion of ETH through ETHA. The buying took place across nine days with no net-selling days in the period. Arkham put the total at $1.02 billion worth of ETH purchased by ETHA, and estimated the fund's average purchase price at $3,060 per ETH.

ETHA is BlackRock's spot Ethereum exchange-traded fund, one of several such products approved for listing in the United States in 2024. Spot ETH ETFs let institutional and retail investors gain ETH exposure through brokerage accounts without holding the asset directly, and Arkham-tracked onchain flows tied to these funds have become a widely followed gauge of institutional demand. The sustained ETHA buying during this stretch contrasts with ETH's rejection at $2,550 and price below the fund's estimated average purchase price of $3,060, a data point analysts often watch when assessing whether large holders continue accumulating during pullbacks.