TLDR
- Ethereum trades at $2,471.16, up 2.25% in the last 24 hours.
- ETH gained 32.8% over the month of August.
- Price sits above the $2,247.57 Bollinger Band mid-line, a bullish sign.
- Whale address 0xF626 moved 102,913 ETH ($248.6M), sending part of it to exchanges.
- Open interest topped $30 billion as trading volume crossed $90 billion in August.
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.
Over the course of August, ETH rose by 32.8%. That climb has kept traders watching closely for what comes next.
The price is currently holding above the $2,247.57 middle line of its 20-day Bollinger Bands. Staying above this line is 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 that support to keep its current setup intact. A drop under it could shift the picture.
On the upper end, the top line of the Bollinger Bands sits at $2,783.71. This level is acting as resistance for any further upward move.
The Relative Strength Index (RSI) for ETH is at 69.13. That is just under the traditional overbought threshold of 70.
A high RSI reading like this points to strong buying interest. 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.
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, before sending 2,858 ETH, worth roughly $7 million, to exchanges.
Lookonchain wrote on X, “Whale 0xF626 is selling 102,913 $ETH ($248.6M),” noting the exchange deposit had happened about 20 minutes before the post went out.
After that 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 one can add selling pressure if more ETH follows the same path to exchanges. For now, only a small portion of the total balance has moved.
Derivatives Activity Climbs
Data from Coinglass shows open interest for Ethereum has passed $30 billion. Trading volume also crossed $90 billion during the August rally.
Those figures point to heavy activity in ETH derivatives markets alongside the price move. Traders are using this data to gauge whether the rally has more room to run.
A move above $2,783.71 would strengthen the current bullish structure for ETH. A break below $2,247.57 would weaken it instead, and traders are watching both levels closely as the month begins.
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