Ethereum (ETH) kicked off Tuesday holding firmly above the $2,400 mark following a stellar 32.5% rally in August, which stands as its most profitable month since July 2025. This performance represents two consecutive positive months for the leading altcoin as it steadily recovers from a punishing 70% downturn experienced between October and June.
The past month also witnessed a significant reallocation of assets among different wallet tiers. Investors holding between 10K and 100K ETH, commonly categorized as whales, scooped up an impressive 430K ETH throughout the month. The vast majority of this accumulation materialized over the final two weeks as the broader altcoin began its upward trajectory.
Conversely, retail participants holding wallets in the 100-1K and 1K-10K ETH brackets offloaded 447K and 292K ETH respectively, with distribution picking up considerable pace in the final fortnight of the month. This clear divergence during the recent price recovery indicates that institutional whales are steadily absorbing supply from retail holders who appear to be locking in profits or stepping aside after reaching breakeven levels.
The Realized Price, reflecting the average on-chain acquisition cost for the 100-1K and 1K-10K cohorts, sits at $2,350 and $2,260 respectively. These figures confirm that these specific investor groups have been actively distributing their holdings amid the recent price appreciation.
Derivatives markets also felt the heat, with Ethereum logging $71.6 million in liquidations over a 24-hour window, spearheaded by $59 million in long position washouts.
From a technical standpoint, the daily chart shows ETH extending its upward momentum safely above all critical Exponential Moving Averages, cementing a bullish near-term outlook. Market momentum remains encouraging as the 14-day Relative Strength Index hovers in the mid-60s while the Stochastic Oscillator stays entrenched in overbought territory. This points to robust buying pressure that is becoming somewhat stretched as prices hover just above the nearby horizontal support near $2,431.
Looking at downside levels, ETH briefly dipped below the immediate horizontal support situated at $2,431. The 20-day EMA follows closely at $2,310, acting as the primary meaningful dynamic floor in the event of a deeper correction. Beneath that threshold, a supportive cluster emerges near the 200-day EMA at $2,220 alongside the $2,172 horizontal mark, before testing more distant downside barriers at the 50 and 100-day EMAs positioned at $2,115 and $2,046 respectively.
On the upside, initial resistance materializes at $2,656, followed by a tougher ceiling at $2,787. A decisive breakthrough past this upper barrier would pave the way for a continuation of the dominant upward trend.
In the wider digital asset ecosystem, other prominent tokens are carving out distinct paths. Bitcoin enters September on stable ground following a near 25% monthly return in August, its strongest showing in 21 months, trading above $78,900 on Tuesday as renewed spot ETF inflows and corporate accumulation highlight persistent institutional demand. Meanwhile, Solana-based meme coin Bonk notched a 7% gain on Tuesday, building on the previous day's gains to recover losses from the prior week as speculative leverage drives up Open Interest by 35% over 24 hours.
Conversely, XRP faces growing headwinds, changing hands at $1.37 while relying on the 200-day EMA for immediate defense as diminishing momentum indicators keep downward pressure active.
