Ethereum traded at $2,436 on August 29, marking a 2.33% decline for the day amid a wider downturn in cryptocurrency markets. The overall crypto market capitalization fell 1.71% in 24 hours to $2.62 trillion. Meanwhile, Bitcoin lingered below $78,000 and XRP hovered near $1.38.
ETF inflows continue despite price weakness
Despite the recent pullback, Ethereum recovered strongly from lows of about $1,900 in mid-August, advancing past $2,200 and frequently testing resistance near $2,500 before dropping back.
On August 28, U.S. spot Ethereum exchange-traded funds (ETFs) recorded $102.18 million in net inflows, extending their streak of positive flows to 10 consecutive trading days and raising total net inflows to approximately $1.52 billion.
For the week ending around August 21, Ethereum ETF inflows hit about $697 million. This was the strongest weekly result in approximately 10 months and represented a 2026 peak, according to data from SoSoValue.
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AAPLBlackRock’s ETHA dominates U.S. ETF market
Asset management firm BlackRock’s Ethereum ETF, ETHA, attracted $1.02 billion in inflows across nine trading sessions from August 17 to August 27, representing about 72% of total U.S. spot Ethereum ETF inflows for that period.
BlackRock’s ETHA ETF amassed $1.02 billion in ETH purchases over nine consecutive trading days, without any net sales. The estimated average acquisition price for BlackRock’s clients during this streak was $3,060 per ETH.
ETHA saw its highest single-day inflow on August 27 with $225.8 million, the largest since October 28, 2025. Since launching in July 2024, ETHA has reached total net inflows of nearly $12.74 billion and holds approximately $8.46 billion in assets under management.
BlackRock’s ETHA purchased an estimated 385,633 ETH over the eight-day period, with an average entry point between $2,490 and $2,550, below its ETF lifetime average cost basis of $3,060.
These inflows represent client demand for ETHA shares, which are physically backed by Ethereum purchased through Coinbase Prime.
Fidelity’s FETH stood out as the only spot Ethereum ETF with outflows on August 28, losing $24.26 million, whereas Grayscale, Bitwise, VanEck, and Franklin funds registered no notable daily flow changes.
Mini dictionary: BlackRock is a global investment management corporation and one of the world’s largest asset managers, while ETHA is the company’s spot Ethereum ETF, providing investors with direct exposure to the price movements of Ethereum via a traditional stock exchange vehicle.
| ETF Fund | Aug 28 Net Inflow | Total 9-Day Inflows | Total Assets |
|---|---|---|---|
| BlackRock ETHA | $225.8 million | $1.02 billion | $8.46 billion |
| Fidelity FETH | -$24.26 million | N/A | N/A |
| Grayscale, Bitwise, VanEck, Franklin | $0 | N/A | N/A |
Technical outlook and Senate action
Ethereum’s technical indicators reflected waning upward momentum but did not signal oversold conditions. The Relative Strength Index (RSI) registered 44.09. The MACD stood at 0.65, still below its signal line of 12.62, with the histogram at -11.97.
Market analyst Ash Crypto identified a triangle pattern forming for ETH/BTC, with tightening range indicating a potentially significant move ahead. A breakout above trendline resistance could push ETH to $2,800, while a failure might send prices back to the $2,000 to $2,200 region.
Trader Michaël van de Poppe expressed on X that a confirmed ETH price breakout could drive a rally to $3,200 or possibly even $3,500.
Meanwhile, the U.S. Senate is preparing for a cloture vote on the CLARITY Act, scheduled for September 15. This key legislative step requires support from at least 60 senators to advance the bill, which has already passed the House of Representatives.
Key support for ETH is currently identified at $2,350, while resistance remains at $2,500.
