ETH price has come a long way from June’s $1,510 support, where a double-bottom pattern formed. The rebound took its time, with the token struggling around the pattern’s neckline from mid-July into mid-August, but late August finally brought the breakout, pushing ETH to $2,535.
ETH Price Faces Its First Real Test
The chart now has a cleaner bullish structure. A golden cross has formed between the 50-day and 200-day EMA bands, an important technical shift that could support a longer-term rally if follow-up demand actually arrives.
That last part matters, because ETH is currently wrestling with the $2,383-$2,495 range, which has been acting as supply. If the price can sustain above this zone and turn it into demand, September could become particularly interesting, with $2,791 and $3,381 standing as the next major targets.
Lose the range, though, and the setup gets considerably less exciting. A sell-off could send ETH back toward the 200-day EMA around $2,150.
ETH Exchange Balances Tell A Different Story
There’s also something unusual happening away from the chart. ETH exchange balances have fallen from roughly 7.69 million coins on June 3 to about 6.28 million on August 27, which would be around 18% decline.
The withdrawal didn’t stop during the rally. Another 275,000 ETH left exchanges after August 19, pushing balances to their lowest point of the period.
And the timing is hard to ignore because ETH has gained roughly 27% since August 16, meaning the exchange drain continued while price was rising rather than falling.
Meanwhile, BTC exchange balances moved in the opposite direction, increasing about 0.25% over the same 12-week period.
ETH Indicators Flash Strength And Exhaustion
The technical picture isn’t completely one-sided either. MACD is rising, the AO histogram is improving, and the golden cross confirms strengthening bullish pressure.
But RSI at 78.05 is overheated, while CMF around 0.33 is also near a peak. Those readings suggest the rally may need to cool before another sustained move higher.
For ETH price, everything now comes down to the $2,383-$2,495 zone. Hold it as demand rises then it could visit levels like $2,791 followed by $3,381. Under bulls’ rise these levels come into focus, but losing the range would collapse the price towards the 200-day EMA that aligns near $2,150.
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