Ethereum continued its strong rally, exchanging hands in the $2,440 to $2,465 range after surging 34% over the last 30 days. This performance made ETH the top gainer among the five largest cryptocurrencies by market capitalization during this period.
Market overview and key technical levels
The total cryptocurrency market capitalization recently reached $2.65 trillion, rising 0.5% in the past 24 hours. Bitcoin hovered near $78,500, while XRP traded at approximately $1.38. Ethereum’s technical momentum stood out, with analysts identifying a key resistance at $2,500 and a potential breakout target at $2,800.
Fundstrat Global Advisors co-founder Tom Lee outlined a bullish scenario for Ethereum, projecting that if Bitcoin climbs to $150,000 and the ETH/BTC ratio moves from 0.03 to 0.04, ETH could reach $6,000. Lee described this estimate as “conservative,” noting that the ETH/BTC ratio reached 0.08 during the 2021 bull run.
Lee argued that a $6,000 price for Ethereum would not be surprising, given historical market cycles and the possibility of Bitcoin reaching new highs.
Commentary from market analyst Ted Pillows suggested that Ethereum’s momentum has fundamentally changed. Pillows stated that while last year’s rallies met persistent selling, future declines may instead attract buyers, predicting a shift in ETH market behavior.
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AAPLRegulatory clarity and legislative developments
Tom Lee also pointed to the CLARITY Act as a potential catalyst for Ethereum’s price. The legislation aims to clarify regulatory responsibilities between the SEC and the Commodity Futures Trading Commission (CFTC) over digital assets. The U.S. Senate planned a procedural cloture vote on the CLARITY Act for September 15. Lee emphasized that increased regulatory certainty could encourage greater participation by traditional financial institutions.
Mini dictionary: CLARITY Act, a U.S. legislative proposal designed to define regulatory jurisdiction between the SEC and CFTC in supervising digital assets, aiming to provide clear legal guidelines for the crypto sector.
Institutional inflows signal strong interest
Spot Ethereum exchange-traded funds (ETFs) listed in the U.S. recorded $102.18 million in net inflows on August 28, with BlackRock’s ETHA product leading contributions at $83.79 million. Cumulative historical inflows for these funds reached $12.97 billion, and total net assets rose to $15.23 billion. These ETFs account for around 5.20% of Ethereum’s total market capitalization.
| ETF | August 28 Inflows | Cumulative Inflows | Net Assets |
|---|---|---|---|
| BlackRock ETHA | $83.79 million | Included in total | Included in total |
| All U.S. spot ETH ETFs | $102.18 million | $12.97 billion | $15.23 billion |
On-chain data indicated that the Market Value to Realized Value (MVRV) Ratio tracked by analytics provider Santiment, moved from -45% to -7%. Historically, when this indicator turns positive after periods in negative territory, it has preceded new bull cycles for Ethereum. Analysts highlighted that a steady price above $2,800 could reinforce bullish sentiment.
Four out of the last five times when the MVRV Ratio turned positive for ETH, a significant bull market phase followed.
Technical indicators also revealed that Ethereum’s weekly Relative Strength Index (RSI) rebounded from the 30 level, a zone historically linked to major price lows for ETH. On the daily charts, ETH broke both the $2,400 resistance and its 200-day Exponential Moving Average, with experts expecting a liquidity sweep between $2,300 and $2,400 before further moves upward.
The Crypto Fear and Greed Index reached 78, its highest level since December 2024, a period when Ethereum traded around $4,000.
