Key Takeaways
- Ethereum is currently trading in the $1,910–$1,918 range, maintaining support above the critical $1,900 threshold
- Spot Ethereum ETFs in the United States recorded $92.15 million in net inflows on August 6, with weekly totals reaching $244.94 million—the highest figure in nearly four months
- ETH has climbed above its 20-day, 50-day, and 100-day moving averages, though it continues trading beneath the 200-day MA at $2,061
- Disappointing US employment data reduced expectations for Federal Reserve rate increases, providing support for risk-on assets like cryptocurrencies
- Market observers identify $2,000 as the next critical resistance, with $1,900 serving as the dividing line between bullish and bearish near-term outlooks
Ethereum is currently hovering around the $1,910–$1,918 price range. The digital asset has successfully maintained its position above the psychologically significant $1,900 mark following a gradual upward trajectory throughout the week.
ETH has gained over 4% across the past seven days. Market participants have consistently protected the $1,840–$1,850 support zone since August began, preventing any significant downside movement.
The asset now trades above three crucial daily moving averages. ETH is positioned above its 20-day MA at $1,895, its 100-day MA at $1,911, and its 50-day MA at $1,796. However, the 200-day moving average remains elusive, currently sitting at $2,061—a level ETH has yet to reclaim.
The daily Bull Bear Power indicator has flipped positive at 32.07, indicating that buyers currently hold a slight advantage in the market.
Market analyst Ted Pillows commented on Twitter, highlighting that ETH ETFs accumulated $244.94 million worth of Ethereum this week—representing the largest weekly influx in approximately four months. He added that despite postponements in Clarity Act voting, ETH appears fundamentally sound. “Should ETH successfully maintain this level, a push toward $2,000 could materialize next,” he stated.
Institutional Demand and Employment Data Drive Price Action
Spot Ethereum ETFs in the United States attracted $92.15 million in net inflows on August 6. BlackRock’s ETHA product dominated the previous trading session with $50.34 million in flows. Total cumulative net inflows into US-based spot ETH ETFs have now surpassed $11.4 billion.
Friday’s employment report from the United States provided additional momentum. The economy shed 23,000 jobs in July, starkly contrasting with forecasts that predicted approximately 80,000 job gains. This significant miss weakened the case for additional Federal Reserve rate increases, with futures markets now indicating roughly a 56% probability of a pause at September’s policy meeting.
The 4-hour Relative Strength Index reads 61.74, positioned above its signal line while remaining comfortably below the 70 overbought threshold. Buying momentum persists without showing signs of overextension.
Leverage Clusters Suggest Upward Pressure Toward $1,950
The 3-day liquidation heatmap reveals a concentration of leveraged positions around $1,925, with a more substantial band extending from $1,945 to $1,955. These zones may act as magnets for price movement if bullish momentum persists.
A decisive push beyond $1,925 could cascade into forced liquidations of short positions, potentially accelerating upward movement toward the $1,950 level.
Analyst Michaël van de Poppe suggested that Ethereum might outperform Bitcoin should BTC establish a clear breakout. His extended price target for ETH reaches approximately $2,400, though he emphasized that ETH must first overcome both $2,000 and the 200-day moving average.
The immediate resistance to monitor is $2,000. ETH concluded Friday’s session near $1,918, with $1,900 functioning as the critical support level that underpins the current short-term bullish thesis.
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