Ethereum News
Ethereum traders defend the $2,800 accumulation floor
Ethereum traders defend the $2,800 level through massive buying pressure. Glassnode data reveals that 3.6 million ETH accumulated at that price point. Another 2.8 million ETH sit at the $3,150 level. BitMine, which stakes nearly $7 billion of ETH, continues to scoop the asset in large quantities. BitMine also launched its Made In America Validator Network to add an institutional staking layer. Traders monitor the $3,085 level as immediate resistance. I see the floor.
BlackRock dominance and Grayscale outflows
BlackRock’s ETHA leads the Ethereum ETF market. BlackRock’s ETHA captured $149 million in net inflows on September 11, accounting for nearly 69% of the $216 million that flowed into US spot Ethereum ETFs during that specific session. This concentrated demand contrasts with Grayscale’s ETHE, which lost $5.34 billion. Most investors reallocate toward lower-cost vehicles like Fidelity’s FETH, which has attracted $2.13 billion. Grayscale’s 2.5% fee drives the outflows.
| Product | Cumulative Net Inflows | Management Fee |
|---|---|---|
| BlackRock ETHA | $11.4 billion | 0.15% to 0.25% |
| Fidelity FETH | $2.13 billion | 0.15% to 0.25% |
| Grayscale ETHE | -$5.34 billion | 2.5% |
The floor holds.
The July 14 to July 21 period saw $196.4 million in net inflows. BlackRock’s ETHA drove most of that demand. On July 14, ETHA saw $58.3 million in inflows. July 21 saw $52.8 million. An additional $31.7 million arrived on July 17. Other sessions in July saw $53.9 million on July 15 and $36.7 million on July 17. 21Shares also entered staking agreements with Figment and Twinstake on February 4. This development changed the institutional proposition by offering protocol rewards to offset fees.
Supply compression and staking
Staking reduces the liquid supply. Currently, 38.1 million ETH represents 33.1% of the total circulating supply. BlackRock launched its ETHB staked product in March 2026. The validator entry queue holds 2,876,752 ETH against an exit queue of 40,504 ETH. This imbalance creates structural supply pressure. The 10K-100K ETH cohort saw an 850,000 ETH jump in collective balance recently.
Ethereum’s market capitalization sits at approximately $232 billion. The NVT Signal remains a concern as market cap expands relative to on-chain transaction volume. DeFi TVL stands at $94.39 billion. The 20-day EMA sits near $2,120 to $2,145, while the 50-day EMA sits above $2,190. The RSI reading sits between 46 and 53. For bulls, a daily close above $2,393 opens paths to $3,601 or $4,500. Bearish sentiment could push ETH to $1,320 if $2,023 fails. The Coinbase Premium Index flipped negative, indicating that US institutional investors pay less for ETH than global counterparts. A risk-off environment driven by the Iran war also pressures asset prices. Exchange reserves hit their lowest levels since 2016. Binance-specific ETH balances hover near 3.3 million ETH. Ethereum’s liquid supply remains constrained by significant amounts of ETH locked in staking and bridges. I suggest you watch the exchange reserves.
Demand stays high.
Can Layer 2 growth offset the reduced fee burning on the main network?
