Ethereum Price Anchored in $3,545–$3,750 Range Despite $617 M ETF Redemptions
Whales and retail investors continue to build positions on-chain as derivatives metrics cool and DeFi activity supports broader ETH-USD resilience | That's TradingNEWS
Ethereum Price Anchored in $3,545–$3,750 Range Amid ETF Whipsaws
Ethereum (ETH-USD) wavered between support at $3,545 and resistance around $3,750 after dipping below $3,600 Thursday, reflecting a 2.96 percent pullback to $3,583.49. U.S. spot ETH ETFs faced their largest single‐day redemption of $465 million, following an additional $152 million withdrawal, yet July still delivered $5.43 billion in net inflows. This seesaw of capital highlights persistent volatility, even as the token remains tightly bound within the summer consolidation band.
On-Chain Accumulation by Whales and Retail Investors Signals Enduring Confidence
Whale and Retail Wallet Dynamics
Over the past 30 days, Ethereum whales boosted their on-chain holdings by 1.82 percent while retail addresses added 1.87 percent more ETH, according to IntoTheBlock data. Mid-sized investors, by contrast, trimmed balances, suggesting a trap set for short-term speculators. This polarization—savvy large players and enthusiastic small holders fortifying positions—contrasts sharply with fleeting ETF outflows and underscores a longer-term belief in ETH’s value proposition.
Institutional Treasury Builds
Galaxy Digital’s OTC desk facilitated a $300 million accumulation by a single whale, while SharpLink Gaming converted into an Ethereum holding vehicle, amassing over 480 031 ETH (≈$1.65 billion). BitMine Immersion’s coffers now contain 833 137 ETH valued near $2.9 billion. Since early July institutions have collectively added over $3.1 billion of ETH to corporate treasuries, a concrete signal that large-scale buyers view current levels as strategic entry points rather than sell-off triggers.
Technical Chart Patterns Point to a Potential Bear Trap and Subsequent Breakout
The breach below the 0.236 Fibonacci extension at $3,785 was swiftly reversed, liquidating short positions and reinforcing support near $3,600. The 20-day EMA at $3,543 continues to cap declines, while the 50-day EMA at $3,195 underpins deeper retracements. A decisive daily close above $3,750 would open the path toward the July peak at $3,939 and the all-time high of $4,878. Conversely, a failure to hold $3,545 risks a retest of $3,356 and the 100-day EMA near $3,200.
Derivatives Markets Reflect Mixed Sentiment as Momentum Cools
Binance’s long/short ratio of 1.91 shows nearly twice as many perpetual futures longs as shorts, yet ETH’s taker buy/sell ratio has plunged to 0.87—the weakest level this year—indicating sellers dominating spot and futures order books. The MACD histogram has turned negative on the four-hour chart, and the RSI sits near 47, signaling neutral momentum that could tip either way once key support or resistance is challenged.
Macro Drivers and ETF Flows Create a Complex Landscape
The Federal Reserve’s pause on rate hikes and renewed rate-cut expectations for September have kept the US dollar subdued, lending intermittent support to ETH-USD. Factory orders plunged 4.8 percent in June, while nonfarm payroll disappointments have fueled dovish Fed bets. Against this backdrop, Ethereum’s ETF volatility appears as noise around a broader narrative of institutional accumulation and on-chain confidence, rather than a catalyst for sustained downtrends.
DeFi Adoption and Network Fundamentals Reinforce Demand
Daily network activity remains robust, with 1.1 million active addresses and over 900 000 unique daily transactions, sustaining fee revenue above $60 million per week. Total value locked in Layer 2 solutions has climbed 15 percent in the past month, signaling growing appetite for cheaper, faster settlement. Staking yields north of 4.1 percent continue to attract long-term holders, further depleting available supply on exchanges and underpinning price resilience.
Strategic Verdict: Hold Position Through Range-Bound Volatility
Ethereum’s blend of institutional treasury purchases, rising on-chain engagement, and stubborn support at $3,545 outweighs transient ETF redemptions and short-term selling pressure. Technicals favor a consolidative phase ahead of a potential breakout above $3,750, but downside risks persist if $3,545 gives way. In light of these factors—persistent network demand, deep liquidity, and mixed derivative cues—the prudent stance is to maintain a Hold on ETH-USD, ready to scale into fresh longs on clear breakout or firm support confirmation.
