Key Highlights
- ETH experienced a pullback from $2,546 to approximately $2,438 amid heightened rate-hike speculation affecting risk markets
- August US Nonfarm Payrolls registered 162K, significantly exceeding the 56K forecast, driving Federal Reserve rate-hike probability to 60%
- The MVRV ratio for Ethereum breached 1.00 on August 21, marking the first occurrence in over 200 days
- A major holder liquidated 167,855 ETH valued at approximately $408 million across five days, intensifying bearish pressure
- Ethereum spot ETFs recorded $148M in daily capital inflows Thursday, bringing August’s total to $1.85 billion
Ethereum has retraced toward the $2,400 threshold after peaking at $2,546 earlier in the week. The decline reflects market participants recalibrating their risk positions in response to surprisingly robust US employment figures.
The United States added 162K jobs in August according to the Nonfarm Payrolls report, substantially surpassing the 56K consensus and representing a significant jump from July’s 21K addition. The unemployment rate remained steady at 4.1%, while labor force participation climbed to 61.6%.
These robust employment numbers elevated the likelihood of a Federal Reserve rate increase to the 3.75%–4.00% band to 60%, up from 49% one day prior, based on CME FedWatch tool metrics. Elevated rate expectations typically weigh on speculative assets including cryptocurrencies.
At press time, ETH was changing hands at $2,438. Notwithstanding the correction, the asset continues trading above its 50-day, 100-day, and 200-day Exponential Moving Averages, which are consolidated between $2,069 and $2,175.
The Relative Strength Index registers 61 on the daily timeframe, indicating constructive momentum without entering overbought territory. Meanwhile, the MACD has crossed into negative readings, signaling a deceleration in bullish momentum.
Major Holder Liquidates Entire ETH Position
A substantial Ethereum address liquidated its complete holding of 167,855 ETH — valued at roughly $408 million — across approximately five days. The assets were transferred to trading platforms including OKX, Binance, and Bybit, per Lookonchain intelligence.
Approximately 70,739 ETH had been delivered to exchanges at the time of analysis, with the balance of 97,115 ETH remaining in the original wallet. This substantial liquidation event is contributing to downward price momentum.
In a related incident, a hacker associated with Coldcard initiated converting stolen Bitcoin holdings into Ether via THORChain, processing roughly 10% of the compromised funds while 90% remains dormant.
Institutional Demand and MVRV Recovery Point to Strength
On a more constructive note, Ethereum spot exchange-traded funds captured $148 million in net inflows Thursday. Aggregate inflows have reached $13 billion, with total net assets under management standing at $16 billion.
ETF inflows totaled $365 million for July and $1.85 billion for August, with September recording $104 million thus far.
Ethereum’s Market Value to Realized Value ratio reclaimed the 1.00 level on August 21 for the first time in 200 straight days. This metric indicates the typical ETH holder has returned to unrealized profitability, with the realized price approximately $2,300.
Technical analyst Aksel Kibar (CMT), operating as @TechCharts, observed that ETH/USD may be developing a bull flag formation directly at resistance, stating: “$ETHUSD Possible bull flag right at the resistance. I like this tight consolidation. Wait for breakout confirmation.” Kibar’s interpretation suggests the current consolidation phase could precede an upward breakout, though confirmation is required before validating the pattern.
September’s ETH ETF inflows currently total $104.26 million, as bulls continue efforts to establish $2,500 as reliable support territory.
The post Ethereum (ETH) Price Retreats to $2,438 Amid Rate Hike Fears and Whale Sell-Off appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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