Ethereum Tops $2,546 on ETF Inflows, Short Covering

Ethereum jumped to $2,546 after a 29.8% rise over seven days, driven by roughly $697 million of net inflows into spot Ethereum ETFs and significant short covering that pushed leveraged positions to close. The rally pushed ether to a weekly high on exchanges as exchange-held supply tightened.

The breakout accelerated on Aug. 19, when ETH rose about 17.5%, moving from near $1,917 to close above $2,250. Buyers continued into the next sessions, taking the price as high as $2,546.78 on Saturday. Daily trading volume during the run repeatedly ranged between $25 billion and $33 billion. Ether was trading around $2,435 at 5 p.m. EDT on Saturday after a modest pullback. Bitcoin also rose over the week and was trading near $77,300 at the same time, while ethereum’s share of the broader crypto market approached 11%.

Spot ethereum ETFs recorded about $697 million in net inflows for the week, with daily inflows of roughly $189 million on Aug. 19, $221 million on Aug. 20 and $185 million on Aug. 21. BlackRock’s ETHA received a large portion of that demand, and Grayscale’s smaller ETH product and Fidelity’s FETH also contributed. Total assets under management in spot ethereum ETFs approached $14.3 billion, equal to about 4.85% of ethereum’s market capitalization, and cumulative inflows since launch neared $12.2 billion.

Exchange-held ethereum declined about 15% from early June to mid-August, falling from roughly 7.7 million ETH to about 6.54 million ETH, reducing the pool of coins immediately available for trading. Separately, about 42 million ETH, or roughly 33.7% of the supply, is locked in staking, which removes coins from active trading inventories.

Derivatives activity amplified price moves. Futures open interest stood near $31.81 billion, or 13.06 million ETH, with the largest shares on major venues. The rapid price advance triggered widespread liquidations: ether accounted for about $264.92 million of roughly $1.21 billion in crypto liquidations over a 24-hour period. The broader liquidation event affected 234,707 derivatives traders, with approximately $727.13 million in long positions and $481.62 million in shorts wiped out. Liquidation occurs when exchanges close leveraged positions after losses exhaust a trader’s collateral.

Options open interest showed a bullish tilt, with calls representing 58.41% (about 1.60 million ETH) and puts 41.59% (about 1.14 million ETH). Over the prior 24 hours, puts made up 56.09% of options volume, indicating traders bought protection after the rapid rally. Large listed call strikes included $3,200, $2,200, $2,500, $3,000 and $3,500, while active put contracts were clustered around a $2,100 put expiring Sept. 25 and several short-dated puts expiring Aug. 23.

Technical indicators showed elevated momentum. Daily relative strength index readings were in the high 70s to high 80s. Traders identified $2,400 to $2,450 as the first meaningful support band, followed by $2,300. A sustained move above $2,546–$2,550 would open a path to $2,600–$2,800, while a drop below $2,300 could open a path toward $2,150–$2,200.

The rally coincided with broader liquidity and policy developments. The U.S. Treasury doubled long-duration bond buybacks to $4 billion per operation, and signals around the proposed Clarity Act reduced some regulatory uncertainty. Market participants noted that ongoing ETF inflows and changes in exchange supply will affect whether ethereum holds its gains.