Ethereum recently recorded one of its largest weekly moves in years, posting a 30% rally that briefly pushed the altcoin past the $2,500 mark before it slipped back slightly below that level. According to data shared by crypto analyst Ali Martinez, the asset faces a crucial resistance zone between $2,722 and $2,970, where United Realized Price Distribution (URPD) data shows 16.70 million tokens were previously acquired.
Market observers note that clearing this major supply wall could open a path toward the $5,363 level, which aligns with the 2.4 MVRV Pricing Band. Conversely, a potential rejection at the current resistance could result in a pullback toward the realized price near $2,235.
On-chain metrics point to growing buying pressure during the recent market activity. On August 19, Ethereum's MVRV Ratio formed a golden cross above its 160-day moving average, and whale accumulation increased as addresses holding more than 10,000 ETH rose by 1.74%, with 17 new whale addresses joining the network over a single week. Additionally, exchange withdrawals surpassed 180,764 ETH, valued at approximately $440 million, over the same period.
Additional technical observations highlight that Ethereum has retested its 200-week moving average. Furthermore, ETH's 50-week and 200-week moving averages have converged at the same level to form a confluence zone.
Meanwhile, US spot Ethereum ETFs experienced a sharp increase in demand and capital inflows. Net inflows reached $30.85 million on Monday and $71.47 million on Tuesday, accelerating after a Wednesday announcement from the US Treasury Department regarding liquidity-support buybacks. Net inflows continued upward, recording $189.15 million on Wednesday, $220.77 million on Thursday, and another $185 million on Friday.
