Ethereum jumped roughly 30% in a week, briefly reaching $2,500 before pulling back a bit.
Whale accumulation and exchange outflows
Data from crypto analyst Ali Martinez points to growing demand beneath the surface. Ethereum’s MVRV ratio formed a golden cross above its 160-day moving average on August 19. At the same time, wallet numbers moved in a bullish direction. Addresses holding more than 10,000 ETH increased by 1.74%, and 17 new whale addresses appeared over the past week.
The supply picture also shifted. More than 180,764 ETH, worth about $440 million, moved off exchanges during the week. That kind of withdrawal usually means holders are less interested in selling soon. It supports the idea that buying pressure is building.
Key resistance zone ahead
Still, Ethereum has not cleared the main obstacle yet. Martinez identified a resistance zone between $2,722 and $2,970. URPD data suggests 16.70 million ETH were previously bought inside that range, so it acts like a supply wall. If buyers can push through that area, the next major MVRV pricing band sits near $5,363. That is the level that keeps the $5,000 conversation alive.
But a rejection is also possible. In that case, Ethereum could fall back toward the realized price near $2,235 before attempting another move higher. That would be a painful pullback, even if the longer-term trend remains positive.
Moving average signals
There is another technical detail worth noting. Ethereum touched its 200-week moving average again. According to an analyst called The Long Investor, that has happened 11 times in the last five years. Each time price moved below that level, it later returned to the moving average. The analyst described the current area as free money and argued that investors cannot lose over time.
The 50-week and 200-week moving averages are also converging at the same spot. That creates a confluence zone. If Ethereum manages to hold above it, the analyst expects a move back toward all-time highs.
ETF inflows add fuel
Meanwhile, US spot Ethereum ETFs posted their largest inflows since October 2025. The pace picked up sharply in the middle of the week. Net inflows were $30.85 million on Monday and $71.47 million on Tuesday. Then the US Treasury Department said it would double the maximum size of liquidity-support buybacks for longer-dated government debt, from $2 billion to at least $4 billion per operation. That announcement seemed to feed risk appetite.
Wednesday saw $189.15 million in inflows. Thursday brought $220.77 million, and Friday added roughly $185 million. The combination of on-chain accumulation, ETF demand, and moving-average support gives Ethereum a reasonable path toward the upper levels, but the resistance zone between $2,722 and $2,970 will not be easy to break. If it fails, $2,235 is the level to watch. If it succeeds, the road to $5,363 opens up.
