Ethereum traded near $2,471 after gaining 32.8% in August, supported by heavy derivatives activity and a large whale transaction. The 20-day Bollinger Bands middle line sits at $2,247.57, with the upper band at $2,783.71 serving as resistance. Whale 0xF626 received 102,913 ETH worth about $248.6 million and transferred 2,858 ETH, worth $7 million, to exchanges, while still holding 100,055 ETH. Coinglass data shows open interest above $30 billion and trading volume exceeding $90 billion.
Ethereum is trading at $2,471.16, up 2.25% over the past 24 hours. The cryptocurrency has gained 32.8% during August.
The asset remains above the $2,247.57 middle line of its 20-day Bollinger Bands. According to TradingView, the upper band is at $2,783.71, while a key support level is at $2,084.23.
The relative strength index is at 69.13, just below the conventional overbought level. That reading indicates sustained market strength with limited room before becoming overextended.
According to Lookonchain, whale 0xF626 received 102,913 ETH worth about $248.6 million before transferring 2,858 ETH, or $7 million, to exchanges. The address still holds 100,055 ETH worth approximately $241.6 million.
Lookonchain described the transaction by stating, “Whale 0xF626 is selling 102,913 $ETH($248.6M).” The available information does not prove that the whale plans to sell all of its holdings.
According to data from Coinglass, open interest for Ethereum has exceeded $30 billion. Trading volume crossed $90 billion during the August rally, reflecting heavy derivatives activity and increased trading around ETH.
The $2,783.71 upper band remains the closest resistance level. A move below the $2,247.57 middle line would weaken the current bullish setup.
