Ethereum traded at $2,436 on August 29, down 2.33% on the day, as the broader crypto market declined 1.71% over 24 hours and total crypto market capitalization fell to $2.62 trillion. Bitcoin changed hands below $78,000, while XRP sat around $1.38.

Despite the pullback, ETH has rallied sharply from roughly $1,900 in mid-August. The asset pushed past $2,200 and tested the $2,500 level multiple times before retreating.

U.S. spot Ethereum ETFs recorded $102.18 million in net inflows on August 28, marking the 10th consecutive day of positive flows. Inflows across the streak totaled approximately $1.52 billion. The week ending around August 21 delivered roughly $697 million in Ethereum ETF inflows — the strongest weekly total in about 10 months and a 2026 high at the time, according to SoSoValue.

The streak highlights a notable dynamic: sustained institutional inflows have coincided with a flat-to-lower ETH price over the same window. Since U.S. spot Ethereum ETFs launched in July 2024, they have given pensions, advisors, and other traditional investors a regulated route to ETH exposure without self-custody — making daily flow data a widely watched proxy for institutional sentiment toward the asset.

BlackRock Dominates ETF Flows

BlackRock's ETHA pulled in approximately $1.02 billion across nine straight sessions from August 17 to August 27, accounting for around 72% of all U.S. spot Ethereum ETF inflows during that period.

BLACKROCK BUY STREAK: $1 BILLION $ETH

BlackRock's clients have purchased over $1 Billion of ETH without any days in which they net-sold. In the past 9 days, BlackRock's ETHA ETF purchased $1.02B of ETH.

BlackRock's ETHA estimated average buy price is $3,060 ETH. pic.twitter.com/JAy824MUag

— Arkham (@arkham) August 28, 2026 (https://x.com/arkham/status/2093427766867734638?ref_src=twsrc%5Etfw)

August 27 was the strongest single day, with $225.8 million in inflows — the highest daily figure since October 28, 2025. ETHA's cumulative net inflows since its July 2024 launch now stand near $12.74 billion, with net assets around $8.46 billion.

The roughly 385,633 ETH accumulated over eight days implies an average purchase cost between $2,490 and $2,550 — well below ETHA's lifetime average cost basis of approximately $3,060.

Spot ETF flows are client-driven rather than proprietary BlackRock purchases: when investors buy ETHA shares, the fund acquires Ethereum through Coinbase Prime to back them.

Fidelity's FETH was the only fund to record outflows on August 28, losing $24.26 million. Grayscale, Bitwise, VanEck, and Franklin products reported no daily flow changes.

ETH Price Levels to Watch

ETH's RSI stood at 44.09, indicating reduced momentum but not oversold territory. The MACD line sat at 0.65, below the signal line at 12.62, with the histogram dropping to -11.97.

ETH/BTC is sitting at a key breakout level.

Price is forming a triangle with lower highs and higher lows. The range keeps getting tighter, which means a big move is getting closer.

A breakout above the trendline could send $ETH toward $2,800.

A rejection could push it back… pic.twitter.com/KSz9iiGZov

— Ash Crypto (@AshCrypto) August 29, 2026 (https://x.com/AshCrypto/status/2093772769679008086?ref_src=twsrc%5Etfw)

Analyst Ash Crypto noted on X that ETH/BTC is forming a triangle pattern with a tightening range. He said a breakout above the trendline could push ETH toward $2,800, while a rejection could pull it back to $2,000–$2,200.

If this is a true breakout on $ETH, we're expecting to see a lot more upside, probably another leg.

My expectations are that the next leg goes to $3,200, perhaps even $3,500 and stalls from there. Don't sell your positions too early. pic.twitter.com/YXxmvktELn

— Michaël van de Poppe (@CryptoMichNL) August 29, 2026 (https://x.com/CryptoMichNL/status/2093770910906073436?ref_src=twsrc%5Etfw)

Analyst Michaël van de Poppe (@CryptoMichNL) posted that if ETH confirms a true breakout, he expects the next leg to reach $3,200, possibly $3,500.

On the regulatory front, the CLARITY Act, which passed the House, now faces a Senate cloture vote on September 15 that will require 60 votes to advance. The bill is aimed at establishing a clearer framework for how digital assets are classified and regulated in the United States, and its outcome is one of the key near-term catalysts market participants are tracking alongside ETF flow data.

Key technical levels for ETH: support at $2,350 and resistance at $2,500.

Source: CoinCentral (https://coincentral.com/ethereum-eth-price-1-5-billion-in-10-days-etf-demand-holds-strong-even-as-eth-dips/)