Ethereum is pulling back toward the $2,400 level after reaching a high of $2,546 earlier this week. The retreat comes as traders reassess risk exposure following stronger-than-expected US jobs data.
US Nonfarm Payrolls rose by 162K in August, far above the 56K consensus estimate and up sharply from July’s 21K gain. The unemployment rate held at 4.1%, and the labor force participation rate ticked up to 61.6%.
The strong jobs report pushed the probability of a Federal Reserve rate hike to the 3.75%–4.00% range up to 60%, from 49% the day before, according to the CME FedWatch tool. Higher rate expectations tend to pressure risk assets like crypto.
ETH was trading at $2,438 at the time of writing. Despite the dip, price remains above the 50-day, 100-day, and 200-day Exponential Moving Averages, which are clustered between $2,069 and $2,175.
The RSI sits at 61 on the daily chart, which is positive but not overbought. The MACD has slipped into negative territory, suggesting bullish momentum is slowing.
A large Ethereum wallet sold its entire 167,855 ETH position — worth around $408 million — over roughly five days. The funds were sent to exchanges including OKX, Binance, and Bybit, according to Lookonchain data.
Around 70,739 ETH had already been deposited to exchanges at the time of reporting, with the remaining 97,115 ETH still in the wallet. The sell-off is adding downside pressure to ETH’s price.
A separate development involved a Coldcard-linked hacker who began swapping stolen Bitcoin for Ether through THORChain, moving about 10% of the stolen funds while 90% remains untouched.
On the positive side, Ethereum spot ETFs attracted $148 million in inflows on Thursday. Cumulative inflows now stand at $13 billion, with net assets under management at $16 billion.
Monthly ETF inflows were $365 million in July and $1.85 billion in August, with $104 million recorded in September so far.
Ethereum’s MVRV ratio crossed back above 1.00 on August 21 for the first time in 200 consecutive days. This means the average ETH holder is back in unrealized profit, with the realized price sitting around $2,300.
Technical analyst Aksel Kibar (CMT), known as @TechCharts, noted that ETH/USD may be forming a bull flag right at resistance, posting: “$ETHUSD Possible bull flag right at the resistance. I like this tight consolidation. Wait for breakout confirmation.” Kibar’s read suggests the current pause could precede a breakout, though he is waiting for confirmation before calling the move.
$ETHUSD Possible bull flag right at the resistance. I like this tight consolidation. Wait for breakout confirmation. pic.twitter.com/w09VTGFHrv
— Aksel Kibar, CMT (@TechCharts) September 5, 2026
ETH ETF inflows for September stand at $104.26 million to date, with bulls still working to establish $2,500 as a firm support level.
The post Ethereum (ETH) Price: Bull Flag Forms at Resistance as ETF Inflows Hit $1.85B in August appeared first on CoinCentral.
