The struggle to maintain $2,650 Ethereum support

ETF outflows and the $2,500 barrier

Ethereum price sits at $2,487.92 as of September 9, 2026. The asset struggles to stay above the $2,500 resistance level after multiple failed attempts throughout August. US spot ether ETFs attracted $218.4 million in net inflows for the week ending September 4, which marks a 74% decline from the $824.4 million recorded the previous week. Grayscale Ethereum Trust (ETHE) lost $1.1 billion in assets during its first three days of trading. This ETHE outflow spike happened because the fund carries a 2.5% fee. I find the high cost of ETHE makes it a bad option for institutional investors seeking efficient exposure. The price reached a monthly peak of $2,500.97 on August 22 and a recent high of $2,542. This volatility follows a 27.8% weekly gain that saw the coin move from $1,916.47 on August 19 to $2,542. Previously, the cumulative ETF inflow streak surpassed $1 billion, with daily additions including $30.85 million on August 17, $189 million on August 19, and $220.77 million on August 20. BlackRock’s product drove the majority of the $11.97 billion cumulative inflow, while every other issuer combined was net negative. The price remains caught between the $2,484 Point of Control and the $2,521 upper boundary. You should watch the $2,530 to $2,550 band to see if this becomes a breakout. The current Gl Amsterdam upgrade is expected to launch on the mainnet in Q4 2026 to improve transaction efficiency.

Macroeconomic data and staking math

Macroeconomic data pressures the current price action. US employment figures showed 162,000 jobs added in August, which pushed the two-year Treasury yield to 4.38%. Traders anticipate a 60% chance of a rate hike during the Federal Reserve’s September 15 – 16 meeting as the market processes the August jobs report that added 162,000 positions to the economy. High yields on government bonds compete with Ethereum staking rewards, which currently sit in the 2.6% to 3.0% range. BlackRock’s iShares Staked Ethereum Trust prospectus notes that the fund keeps 18% of gross staking consideration as a fee. These fees erode the benefits of the yield for investors. The upcoming US August Consumer Price Index report on September 11 provides the final inflation reading before the Fed decision. The current RSI reading of 53 remains below the neutral 50 level on some technical indicators.

Concentrated holdings and liquidation risk

Concentrated holdings create supply pressure. BitMine holds 5,847,611 ETH, which accounts for 4.8% of the total circulating supply, and the firm stakes 87% of those assets through the MAVAN validator network. The company acquired 32,447 ETH in the week ended August 23, following 9,926 ETH the prior week. The value of this position sits at $14.66 billion at a price of $2,440. Total crypto, cash, and marketable securities for the firm stand at $14.9 billion. The MAVAN reserve generates a 2.61% seven-day yield on its $12.4 billion valuation. About 40.3 million ETH is currently staked, which is 32% of the total supply.

Liquidation clusters exist between $2,450 and $2,470, while a deeper pocket of downside liquidity waits near $2,390. Technical analysis from Ted Pillows places the first major support at $2,175 and the next resistance at $2,860. The market remains sensitive to the $2,550 level on the weekly timeframe. If the price drops below the $2,425 area, it could see further profit-taking. Will the Fed’s decision break this consolidation?