Key TakeawaysEthereum trades near $2,420 following a 3.60% decline over 24 hours after August’s bullish momentumUS-based spot Ethereum ETFs attracted $234.51 million on August 27, extending a nine-day positive flow streakMajor wallet accumulated 5,425 ETH worth $13.55 million at approximately $2,500 per tokenBlockchain metrics indicate increased profit realization, with SOPR readings above 1Critical support zone located at $2,431; overhead resistance targets are $2,680 followed by $2,879Ethereum is currently valued at $2,420.48, experiencing a 3.60% retracement during the past day. This correction follows significant upward momentum throughout August that propelled ETH beyond the $2,400 threshold for the first time in several months.Ethereum (ETH) PriceThe recent decline appears driven by profit-taking behavior among holders. ETH recently surpassed its average on-chain acquisition cost of $2,306, a threshold that historically triggers selling pressure from investors who were previously holding unrealized losses.Blockchain analytics confirm this trend. The Spent Output Profit Ratio (SOPR) for Ethereum has maintained readings above 1 throughout the previous week, indicating that the majority of ETH transactions during this timeframe resulted in realized gains.Nevertheless, institutional demand through ETF vehicles remains robust. American spot Ethereum exchange-traded funds captured $234.51 million in net positive flows on August 27, building on $192.35 million recorded August 26 and $179.80 million on August 25.Spot Bitcoin ETFs End Nine-Day Inflow Streak With $202M Outflow; Ethereum ETFs Take In $102MAccording to SoSoValue, U.S. spot Bitcoin ETFs saw $202 million in net outflows on August 28 (ET), ending a nine-day inflow streak. Spot Ethereum ETFs recorded $102 million in net… pic.twitter.com/jZNxqksmVU— Wu Blockchain (@WuBlockchain) August 29, 2026This uninterrupted nine-day accumulation period brought weekly ETF inflows to $722.24 million, representing the most substantial seven-day performance for Ethereum investment products in approximately ten months. Aggregate cumulative inflows have reached $12.87 billion, while total assets under management stand at $15.57 billion.Major Wallet Accumulates Near Critical ResistanceA significant market participant deployed $13.55 million to acquire 5,425 ETH at an average cost of $2,498, data from Lookonchain reveals. This accumulation occurred precisely at the $2,500 resistance zone, a technically significant level monitored by market participants.A whale(0xD452) spent $13.55M to buy 5,425 $ETH at a price of $2,498 in the past hour.https://t.co/bGutf2HVcy pic.twitter.com/WpgOU9Xj7M— Lookonchain (@lookonchain) August 28, 2026Given that ETH is trading beneath this whale’s entry point, traders are observing whether buying pressure can drive prices back above $2,500. Successfully maintaining that threshold would reinforce the prevailing bullish technical framework.Market analyst Daan Crypto Trades (@DaanCrypto) provided perspective on recent movements, highlighting that ETH established a higher high on weekly timeframes, improving overall market architecture. He cautioned that bulls must defend against any retreat below $2,300.$ETH Solid breakout but needs to keep going here.The last thing you'd want as a bull is for this to deviate back below the range it just broke out from below $2.3K.But the market structure has improved considerably by making this higher high on the weekly. pic.twitter.com/Gt72ZQAsyo— Daan Crypto Trades (@DaanCrypto) August 28, 2026Stablecoin flows have contributed additional market liquidity. DefiLlama tracking shows over $4.1 billion in stablecoin deposits entering cryptocurrency markets during the previous two-week period.Network Metrics Show Disconnect From Price ActionBlockchain usage metrics have not mirrored the price appreciation. Both transaction volume and unique active addresses have decreased over the recent seven-day period, suggesting the rally lacks confirmation from fundamental network growth.Futures and options markets display cautious positioning. Open interest figures have not experienced significant recovery following a recent deleveraging event and short squeeze. Ethereum experienced $97.3 million in forced liquidations over the last 24 hours, with $75.8 million originating from leveraged long positions.The 14-day Relative Strength Index registers 69, approaching but not yet entering overbought conditions. The Stochastic Oscillator reads 81, suggesting near-term momentum may be overextended.Total Ethereum open interest has climbed above $32 billion while daily trading volume exceeded $100 billion, according to Coinglass data. Market participants are focused on $2,500 as the immediate resistance level and $2,146 as primary downside support.The post Ethereum (ETH) Holds $2,420 as ETF Inflows Extend to Nine Consecutive Days appeared first on Blockonomi.