As of September 2, Ethereum is changing hands around $2,463, up 1.79% over the past 24 hours. The move follows a strong August, when ETH climbed 32.5% for its best monthly performance since July 2025.

The rally was driven largely by United States spot Ethereum exchange-traded funds. Data from SoSoValue shows these products recorded $1.85 billion in net inflows during August, their strongest monthly showing in more than 12 months. The funds ended the month with 11 consecutive days of inflows and only four sessions of outflows across the full period.

Accumulation by larger holders also increased. Wallets holding between 10,000 and 100,000 ETH bought 430,000 ETH during August, with most of that activity taking place in the second half of the month. At the same time, smaller retail addresses sold significant amounts of ETH, underscoring a shift in ownership from individual traders toward larger participants.

Staking activity rose as well. Ethereum staking smart contracts received 1.4 million ETH in August, the largest monthly increase since February 2024. More ETH deposited into staking contracts reduces the amount of supply circulating in the market.

Market analyst BATMAN highlighted the move on X, saying ETH “seems to not be getting the attention it deserves.” He said the recent price action marked a return to a bullish trend after nearly a year of bearish conditions. He also noted that the 50-day moving average, which had repeatedly acted as resistance, is now functioning as support. “Don’t sleep on ETH,” he wrote.

$ETH seems to not be getting the attention it deserves. The recent pump marked a trend reversal back to bullish, after being bearish for almost a year. Ethereum got rejected by the 50-day MA multiple times. Now that things have been flipped, it acts as support. Don't sleep on… pic.twitter.com/U8hI5zXbyG — BATMAN (@CryptosBatman) September 1, 2026

Despite the strong monthly gain, ETH has continued to face resistance at the $2,550 level. Several attempts to move decisively above that area have failed. On-chain analyst Ted Pillows said leveraged long positions are building quickly at current levels, which could create liquidation pressure if Ethereum is rejected again. He added that open interest has risen to about 4.973 million, alongside elevated funding rates.

$ETH tried to break above the $2,550 level but failed again. For now, I think most of Ethereum's moves are done in the short term. Expecting more chop and a small capitulation before reversal. pic.twitter.com/Q1pD2dS8xR — Ted (@TedPillows) August 31, 2026

If bulls fail to defend current levels, the $2,250 to $2,300 range is the next major support zone to watch. A sustained break above $2,550 could open the way toward $2,650 to $2,700. For now, that makes the current area important not just for short-term trading, but also for gauging whether August’s ETF-driven and staking-backed demand can carry through after a sharp monthly run.

Corporate buying has also remained steady. BitMine purchased another 53,501 ETH last week, bringing its total holdings to roughly 5.9 million ETH.

Market commentator DonAlt has said macro resistance between current prices and the $4,000 to $4,100 range appears relatively thin, making that zone an important longer-term area to watch if ETH maintains upward momentum.

ETH is currently trading at $2,463, with $2,550 remaining the most important near-term resistance level on the chart.