Ethereum has recovered from its summer lows, but it is still struggling to break past key resistance levels while Bitcoin pushes above $82,000. ETH is currently trading around $2,498, up roughly 5% in recent days, with a market cap of $304.85 billion and a 24-hour trading volume of $10.68 billion.
The gap between ETH and BTC performance is becoming harder to ignore. Bitcoin has attracted nearly $1 billion in ETF inflows since the start of the month, helping it reclaim $82,000. Ethereum’s ETF flows have been more patchy, with the highest single-day inflow in September coming in at just $59.3K, ending a 12-session streak that had brought over $1 billion into ETH products.
Institutional investors have not walked away from Ethereum, but they are clearly putting more money into Bitcoin at the moment. The ETF data backs this up. ETH products are seeing some inflows, but nothing close to the consistent buying pressure BTC is attracting.
Analyst Ali Charts pointed out that over 116,000 ETH have been pulled from exchanges in just 48 hours, worth close to $300 million. He said the shrinking exchange supply is setting up what could be a major move for Ethereum.
ETHEREUM BREAKOUT INCOMING
Over 116,000 $ETH have been withdrawn from exchanges in just the past 48 hours, worth nearly $300 million.
With exchange supply shrinking this aggressively, the setup for a major move is getting interesting. https://t.co/E690qOoxuy pic.twitter.com/4SnNTzcUOd
— Ali Charts (@alicharts) September 6, 2026
Crypto analyst Bitcoin Meraklisi noted that ETH has reclaimed the $2,381 resistance level and is now consolidating between $2,381 and $2,515. He identified $2,515 as the key breakout level, with $2,750 as the first upside target, followed by $3,400 and potentially $4,750 if momentum builds.
On-chain activity is not keeping pace with the price recovery. Daily active addresses have been declining since August 9 and have stayed below 500K this month. That figure is also down more than 5% compared to the same period last year.
Trading volume has jumped 81.78% to $29.08 billion, according to Coinglass. Open interest edged up 0.34% to $32.86 billion. The high volume alongside relatively flat open interest suggests rising market interest without major new leveraged positions being opened.
Ethereum’s real-world asset sector continues to grow. Stablecoins on the network hold a combined market cap of $163.5 billion. Tokenized funds account for $17.5 billion, while commodities add around $5 billion and stock tokens contribute $770.1 million.
Ethereum continues to scale across multiple RWA frontiers
Stablecoin market cap stands at $163.5B, tokenized funds at $17.5B, commodities at $5.0B, and tokenized stocks at $770.1M
Stablecoins remain the foundation, but Ethereum’s RWA ecosystem now extends well beyond them pic.twitter.com/9wkvaX7W0h
— Token Terminal 📊 (@tokenterminal) September 5, 2026
Whale activity has also picked up, with over 1 million ETH moving across 650 transactions in recent days. One wallet moved 70,000 ETH worth $174 million into exchanges, while holding onto another 97,114 ETH.
The $2,560 level remains the immediate hurdle. ETH’s weekly RSI has moved above its average range, and the 20-day moving average of $2,418.98 is trending upward, providing dynamic support.
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