Ethereum (ETH) Price: ETH Squeezes Shorts and Pulls in $141M in ETF Inflows in One Day

TLDR

• ETH jumped roughly 5% on Thursday, trading near $2,508 and testing the $2,560 resistance zone
• US spot ETH ETFs pulled in $141.39 million in net inflows on September 3, reversing the prior day’s $48 million outflow
• Short liquidations hit $82.41 million over 24 hours, far outpacing the $20.76 million in long liquidations
• The rally was driven by macro factors — easing Iran tensions and falling Fed rate hike odds
• ETH holds above all four key EMAs, with the next major target at $2,560, then $2,600

Ethereum climbed roughly 5% on Thursday, September 4, pushing price to around $2,508. The move came after weeks of range-bound trading between $2,400 and $2,560.

The rally was not driven by anything ETH-specific. Two macro events moved the needle. First, reports suggested the US-Iran conflict may be winding down, reducing risk-off pressure across markets. Second, Fed Governor Christopher Waller pushed back on a September rate hike, saying “Give disinflation a chance. We can wait one meeting.”

Weak jobs data added to the case. ADP reported US private employers added just 38,000 jobs in August, well below the 47,000 expected and the weakest reading since January. Odds of a September rate hike dropped from 70% to 50%.

Analyst Ted Pillows (@TedPillows) noted on X that ETH tapped the $2,550 resistance and was rejected. He said a weekly close above $2,550 could open the door to a rally toward $3,000.

$ETH tapped the $2,550 resistance again and got rejected.

If Ethereum manages a weekly close above the $2,550 level, it could quickly rally to $3,000. pic.twitter.com/JxJU5AJnBu

— Ted (@TedPillows) September 4, 2026

ETF Flows Reverse Sharply

After recording $48.08 million in outflows on September 2, ETH spot ETFs rebounded strongly. Net inflows on September 3 reached $141.39 million. BlackRock’s ETHA led with $72.07 million, followed by Fidelity’s FETH at $65.11 million. Grayscale’s ETHE remained a drag at negative $6.07 million. Cumulative inflows across all ETH funds now stand at $13.17 billion.

The fund flows and spot price moved in the same direction on both days, the dip and the rebound tracked almost exactly.

Shorts Take the Hit

ETH derivatives volume rose 17.84% to $57.18 billion in 24 hours. Open interest climbed 5.36% to $34.13 billion. Short liquidations hit $82.41 million against $20.76 million for longs — a clear squeeze.

In the most recent hour, the picture flipped. Longs lost $193,090 versus $33,200 for shorts, suggesting two-sided volatility rather than a clean continuation.

ETH now sits above all four EMAs. The 20-period EMA is at $2,455.94, the 50-period at $2,438.36, the 100-period at $2,363.41, and the 200-period at $2,222.64. The range top near $2,560 has rejected every push since August 27, including a wick to $2,555 on August 28 that failed to hold.

ETF inflows rebounded to $141.39 million on September 3, with cumulative flows now at $13.17 billion across all US-listed ETH funds.

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