Ethereum: $1.5B ETF inflows meet aggressive selling – Can $2.3K hold?

Every trading day for Ethereum [ETH] spot ETFs has resulted in net inflows since the 12th of August. Twelve trading days of inflows amounting to over $1.5 billion were a substantial amount of capital flow, helping explain the rapid price gains of the leading altcoin.

Analytics platform Arkham observed that BlackRock’s clients have purchased over $1 billion without any days of net selling. In 9 days, BlackRock’s ETHA spot ETF has purchased $1.02 billion of Ethereum.

ETF inflows of this scale showed demand was strong, but is it enough to send ETH prices sailing past $2.5k?

Aggressive Ethereum sell pressure is being absorbed above key onchain support

The Ethereum taker buy/sell ratio fell to 0.81 on Binance, one of the most extreme readings in history. It meant that the aggressive (market order) sell volume was roughly 23% higher than the taker buy volume, observed crypto analyst Moreno.

Despite high sell pressure on the derivatives front, ETH was trading just below the $2.5k round-number level. It would be a strong bullish sign if the ratio normalizes and the price remains around $2.5k.

Looking at the realized price of various ETH balance cohorts, the analyst highlighted the $2.26k-$2.35k cluster as the cost basis of the largest wallets. The market price is above the aggregate cost basis of even these largest holders.