Ethereum is trading at $2,471.16 at press time, up 2.25% over the past 24 hours. The gain follows a strong month for the token, with ETH rising 32.8% over the course of August, a climb that has kept traders watching closely for what comes next.

Technical Picture

The price is currently holding above the $2,247.57 middle line of its 20-day Bollinger Bands, a level generally seen as a sign of underlying strength. Even with some sideways movement in recent days, the August gain has kept the broader setup favorable for buyers. Chart watchers point to $2,084.23 as a key support level below; Ethereum needs to hold above it to keep its current structure intact, and a drop under it could shift the picture.

On the upper end, the top line of the Bollinger Bands sits at $2,783.71, acting as resistance for any further upward move.

The Relative Strength Index (RSI) for ETH stands at 69.13, just under the traditional overbought threshold of 70. A reading this high points to strong buying interest, but it also means there is limited room left before the market becomes stretched, which could add volatility if ETH pushes toward $2,783 without fresh buying support. Momentum readings near overbought levels after a 32.8% monthly gain are a common checkpoint for traders assessing whether a rally is cooling off or extending.

Whale Moves 100,000 ETH

On-chain tracker Lookonchain flagged a large wallet movement tied to address 0xF626. The account received 102,913 ETH, worth about $248.6 million, from multiple wallets before sending 2,858 ETH, worth roughly $7 million, to exchanges. Wallets of this size, often called whales, are followed closely because their transfers are large enough to influence liquidity and order books, particularly on exchanges with thinner ETH depth.

Lookonchain wrote on X, "Whale 0xF626 is selling 102,913 $ETH ($248.6M)," noting that the exchange deposit had happened about 20 minutes before the post went out.

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

After the transfer, the wallet still holds 100,055 ETH, worth close to $241.6 million. There is no confirmation yet that the whale plans to sell the rest of its holdings. Large transfers like this can add selling pressure if more ETH follows the same path to exchanges, though for now only a small portion of the total balance has moved. Exchange inflows are typically read by on-chain analysts as a potential precursor to selling, since ETH held on exchanges is generally easier to liquidate than funds held in private wallets, although deposits do not guarantee a sale will follow.

Derivatives Activity Climbs

Data from Coinglass shows open interest for Ethereum has passed $30 billion, while trading volume crossed $90 billion during the August rally. Those figures point to heavy activity in ETH derivatives markets alongside the price move, and traders are using this data to gauge whether the rally has more room to run. Elevated open interest during a rally can indicate new leveraged positions entering the market, which may amplify price swings in either direction if positions are unwound quickly.

A move above $2,783.71 would strengthen the current bullish structure for ETH, while a break below $2,247.57 would weaken it. Traders are watching both levels closely as the month begins, with the whale's remaining 100,055 ETH balance also on watchlists as a potential source of exchange supply.

Source: Blockonomi