Ethereum’s price dipped to $2,436 on August 29, reflecting a 2.33% decrease for the day as broader crypto markets faced a 1.71% downturn, pulling the total crypto market capitalization to $2.62 trillion. Bitcoin was trading below $78,000, while XRP was around $1.38.
Despite this recent decline, Ethereum has shown remarkable resilience, rallying from approximately $1,900 in mid-August. The cryptocurrency surged past the $2,200 mark and tested the $2,500 threshold multiple times before retreating.
The recent trend in U.S. spot Ethereum ETFs has been particularly noteworthy. On August 28, these funds recorded a net inflow of $102.18 million, marking the 10th consecutive day of positive flows and bringing the cumulative inflows over this period to around $1.52 billion.
Notably, the week ending August 21 saw approximately $697 million flow into Ethereum ETFs, marking the highest weekly total in nearly ten months and setting a new record for 2026 according to market analysts.
BlackRock Dominates ETF Market
Leading the charge in ETF inflows is BlackRock’s ETHA, which alone accounted for about $1.02 billion in inflows over nine consecutive days from August 17 to August 27. This figure represents approximately 72% of all U.S. spot Ethereum ETF inflows during this timeframe.
August 27 proved to be a standout day for inflows, with $225.8 million entering the market—the highest single-day total since October 28, 2025. Since its launch in July 2024, ETHA has accumulated net inflows nearing $12.74 billion, with net assets currently around $8.46 billion.
The approximately 385,633 ETH acquired over this period indicates an average purchase cost ranging between $2,490 and $2,550, which is significantly lower than ETHA’s lifetime average cost basis of about $3,060.
Importantly, these spot ETF flows reflect client-driven demand rather than proprietary purchases by BlackRock. When investors buy shares of ETHA, the fund acquires Ethereum through Coinbase Prime to back those shares.
In contrast to the strong performance of most ETFs, Fidelity’s FETH was the only fund to experience outflows on August 28, losing $24.26 million, while other products from Grayscale, Bitwise, VanEck, and Franklin reported no daily flow changes.
Key Price Levels for Ethereum
As of late August, Ethereum’s Relative Strength Index (RSI) stood at 44.09, indicating reduced momentum but not yet entering oversold territory. The Moving Average Convergence Divergence (MACD) line was at 0.65, below the signal line at 12.62, with the histogram dropping to -11.97.
Analysts have noted that the ETH/BTC trading pair is forming a significant triangle pattern, with tightening price movements suggesting a potential breakout. A move above the trendline could send Ethereum soaring towards $2,800, while a rejection could see it retreat to between $2,000 and $2,200.
If confirmed, analysts anticipate that a breakout could lead to further upside, potentially pushing prices to $3,200 or even $3,500.
In legislative news, the CLARITY Act, which has already passed the House, is set for a Senate cloture vote on September 15, requiring 60 votes to advance.
