Ethereum Has the Flows, but Price Still Cannot Clear SupplyEthereum / U.S. dollarBITSTAMP:ETHUSDEvelyn_ReedEthereum keeps reaching the same 2,520–2,560 area and getting pushed back. That would be less interesting if demand outside the chart were weak. It isn’t. U.S. spot Ethereum ETFs took in about $141 million on September 3, reversing the previous day’s outflow. Cumulative net inflows are now above $13 billion. BlackRock and Fidelity accounted for most of the latest buying. Institutional access is broadening too. Standard Chartered launched spot Bitcoin and Ether trading for institutional clients in the UAE this week — another small step toward ETH becoming a more normal institutional asset rather than a crypto-only trade. But price is still refusing to confirm that story. The 2,520–2,560 zone has rejected buyers several times, and today’s U.S. jobs report made the macro backdrop harder again. Payrolls rose 162,000, well above expectations, pushing Treasury yields and the dollar higher while increasing the probability of a September Fed hike. What the chart shows The upper supply zone remains intact. ETH has tested it repeatedly but has not established four-hour acceptance above it. That keeps the short-term structure capped even though the larger recovery from August remains impressive. Primary scenario While ETH stays below 2,520–2,560, another pullback remains credible. A deeper retest toward the rising structure would not automatically break the larger recovery. The important part would be whether buyers still show up there. Alternative scenario A clean four-hour break above 2,560 changes the picture. That would finally give price confirmation to the stronger ETF and institutional-demand story. What would change the view The cautious case weakens after sustained acceptance above the supply zone. The constructive longer-term structure weakens if ETH loses the rising support and fails to recover it. What comes next The next macro test is U.S. CPI and then the September Fed meeting. ETH already has better institutional flows. What it still lacks is permission from both the chart and rates market to move higher. The demand story is improving faster than the breakout story.