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Ethereum is trading at $2,471.16, up 2.25% in 24 hours, after gaining 32.8% in August. The price holds above the 20-day Bollinger Band midline at $2,247.57, a key support level, with resistance at $2,783.71. The RSI stands at 69.13, just below overbought territory. A whale wallet identified as 0xF626 received 102,913 ETH worth $248.6 million and sent 2,858 ETH to exchanges, retaining roughly 100,055 ETH. Open interest in Ethereum derivatives has surpassed $30 billion, and August trading volume crossed $90 billion. Traders are watching whether ETH can break above resistance or risks a pullback below support.
Key Elements
A massive on-chain transfer and surging derivatives activity are reinforcing bullish sentiment around Ethereum as the second-largest cryptocurrency enters September holding firm above $2,470.
The token was changing hands at $2,471.16, up 2.25% over the preceding 24 hours, capping a month in which it appreciated 32.8%. The rally has pushed ETH comfortably above the midline of its 20-day Bollinger Bands, a technical threshold that chart analysts view as a barometer of underlying strength.
That midline sits at $2,247.57. As long as price action remains above it, the prevailing structure favors buyers, according to market participants tracking the charts. Below that, $2,084.23 marks the next significant support zone. A decisive break beneath either level could unravel the bullish setup that has defined trading since early August.
On the upside, the upper Bollinger Band at $2,783.71 represents the immediate ceiling. A decisive push through that level would strengthen the case for continued gains, while repeated rejections could invite profit-taking after such a steep monthly climb.
The Relative Strength Index reads 69.13, just shy of the 70 threshold that traditionally signals overbought conditions. The elevated reading points to robust buying interest, but it also leaves limited headroom before the market becomes stretched. Should ETH approach resistance without fresh demand, volatility could pick up quickly.
Blockchain analytics platform Lookonchain flagged a transaction involving address 0xF626 that moved more than 100,000 ETH in a matter of hours. The wallet received 102,913 ETH, worth roughly $248.6 million, from multipleexchanges
“Whale 0xF626 is selling 102,913 $ETH ($248.6M),” the platform posted on X, noting that the deposit to exchanges came approximately 20 minutes prior to the alert. The address still controls 100,055 ETH, equivalent to about $241.6 million at current prices.
There is no confirmation that the holder intends to liquidate the remaining balance. Only a small fraction of the total position has been moved to venues where it could be sold, but market observers typically treat such transfers as a potential
Derivatives activity hits milestones
Futures and options traders have been equally active. Data from Coinglass shows open interest in Ethereum derivatives has surpassed $30 billion, while total trading volume exceeded $90 billion during August. The heavy participation suggests institutional and retail traders alike are positioning for the next directional move, adding another layer of conviction to the month-long advance.
The confluence of technical strength, whale activity, and derivatives volume has kept attention fixed on the two key levels as the new month begins. A move above $2,783.71 would reinforce the bullish structure, while a slide below $2,247.57 would signal that momentum is fading.
For now, the market is consolidating just under resistance, with buyers showing no signs of abandoning the positions built up through August. The coming sessions will determine whether the rally extends or pauses for a period of digestion.
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Source: finance.biggo.com