The price of Ethereum was changing hands at $2,508.45 after a hike of 4.1% in the past 24 hours. This was anticipated to dominate attention, as this largest altcoin has faced significant challenges since February 2026 in its efforts to surpass the resistance level at $2500. However, aside from bearish pressure and consolidation phases, ETH did not experience a significant bullish momentum. Typically, in these situations, the RSI ascends into the overbought region. Though ETH did reach that zone, it is now gradually descending to the 60-70 RSI range, indicating robust bullish momentum.
Adding more weight to the ongoing sentiment, Ethereum’s MVRV (Market Value to Realised Value), which indicates whether Ethereum holders, on average, are experiencing an unrealised profit or loss, is also positive. Indeed, data indicates that Ethereum’s MVRV has consistently stayed below 1.00 for a duration of 200 consecutive days. However, the situation changed on the 21st of August, 2026, when Ethereum’s MVRV moved back above 1.00 for the first time in 200 days. This was when ETH had regained a position above its reported realised price of approximately $2,300. However, surpassing MVRV 1.00 does not inherently ensure that ETH will maintain its upward trajectory.
In fact, the realized-price area can initially generate selling pressure. Therefore, it is crucial for ETH to sustain its price above the $2,300 realized-price level. This is because an individual who purchased ETH at $4,000 would still be experiencing a loss at $2,404, whereas another individual who acquired it at $1,500 would be enjoying substantial profits. This comes as a significant Ethereum whale seems to have liquidated its entire 167,855 ETH position-valued at approximately $408 million based on the reported prices-over a span of around five days. Lookonchain data indicates that the wallet initially acquired 167,855 ETH from various addresses before subsequently transferring the coins to exchanges including OKX, Binance, and Bybit.
In the transactions reported, approximately 70,739 ETH, valued at around $174 million, had been deposited, while about 97,115 ETH, worth nearly $237 million, remained in the wallet at the time of reporting. Now this is anticipated to exert some selling pressure on the ETH price action. This further coincided with the Coldcard-linked hacker initiating the exchange of stolen Bitcoin for Ether via THORChain, transferring approximately 10% of the stolen funds while 90% remains unaltered. However, with Spot Ethereum ETFs recording monthly inflows of $365.17 million in July, $1.85 billion in August, and $104.26 million in September to date, optimism persists.
