Ethereum price is hovering near $2,471 after a strong August rally, driven by increased derivatives trading and a large whale transaction that has kept traders focused on the next resistance level.

At press time, Ethereum is trading at $2,471.16, up 2.25% over the past 24 hours. Over the month of August, the cryptocurrency gained 32.8%.

Why Ethereum Is Trading Above $2,400

Ethereum remains well above the $2,247.57 middle line of its 20-day Bollinger Bands. Despite the consolidation seen in recent days, the strong August advance has created conditions that continue to support the current bullish setup.

That level matters because it places ETH in a zone where traders are often watching whether momentum can hold after a sharp monthly move, especially as the market digests both technical strength and large on-chain transfers.

On the chart, $2,084.23 is one of the key support levels. The price must remain above this point to keep the current bullish structure intact.

What the Ethereum Chart Shows

The upper Bollinger Band for Ethereum (ETH) is at $2,783.71, making it an important resistance level for further upside.

The RSI stands at 69.13, slightly below the traditional overbought threshold. That indicates strong market momentum, while leaving limited room before the asset becomes overextended.

The elevated RSI supports the bullish bias in the market, although volatility could increase if ETH reaches the $2,783 area without fresh buying activity.

How Whale Transactions May Affect Ethereum Price

According to Lookonchain, whale 0xF626 received 102,913 ETH worth about $248.6 million before transferring 2,858 ETH, valued at $7 million, to exchanges. The address still holds 100,055 ETH worth roughly $241.6 million.

Lookonchain described the activity by saying, “Whale 0xF626 is selling 102,913 $ETH($248.6M).” The post also said the whale had deposited 2,858 ETH into exchanges 20 minutes earlier.

Transfers to exchanges can create selling pressure if more ETH is moved, but there is no evidence in the available information that the whale intends to sell all of its holdings.

Watch out! 🚨 Whale 0xF626 is selling 102,913 $ETH ($248.6M). 11 hours ago, 0xF626 received 102,913 $ETH ($248.6M) from multiple wallets, then deposited 2,858 $ETH ($7M) into exchanges 20 minutes ago. The whale still holds 100,055 $ETH ($241.6M). pic.twitter.com/S3rieqRAN6 — Lookonchain (@lookonchain) August 31, 2026

Can Ethereum Move Beyond $2,783?

Data from Coinglass shows that Ethereum open interest has exceeded $30 billion, while trading volume crossed $90 billion during the August rally. The figures point to heavy derivatives activity and stronger trading engagement around ETH, which helps explain why the $2,783.71 Bollinger Band has become a closely watched reference point.

A move above $2,783.71 would reinforce the bullish structure, while a drop below $2,247.57 would weaken momentum. Traders are now watching to see whether Ethereum can convert its August gains into a breakout.

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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.