Ethereum is trading at $2,508.45 following a 4.1% gain over the past 24 hours, marking a significant recovery for the cryptocurrency. The price movement is notable as ETH holders have moved into unrealized profitability after a prolonged period of losses.
According to on-chain metrics, Ethereum's MVRV (Market Value to Realized Value) ratio crossed above 1.00 on August 21, 2026, for the first time in 200 consecutive days. This indicator suggests that holders are, on average, sitting on unrealized profits. The move coincided with ETH recovering above its realized price of approximately $2,300, the average purchase price across the market.
The significance of this threshold varies depending on entry points. Investors who purchased at $4,000 remain underwater at current prices, while those who bought at $1,500 are substantially profitable. Maintaining support above the $2,300 realized-price level remains important for sustaining the recovery.
Technical Momentum and Whale Activity
Technical indicators show strong bullish momentum, with the RSI declining from overbought territory into the 60-70 range, suggesting sustained buying pressure without extreme conditions.
However, selling pressure has emerged from significant whale activity. A large Ethereum holder liquidated approximately 167,855 ETH worth roughly $408 million over five days, depositing coins to exchanges including OKX, Binance, and Bybit. Around 70,739 ETH worth approximately $174 million had been moved to exchanges at the time of reporting, with roughly 97,115 ETH worth about $237 million remaining in the wallet.
Inflows and Support Levels
Spot Ethereum ETFs have recorded substantial inflows, with $365.17 million in July, $1.85 billion in August, and $104.26 million in September to date. Despite this institutional buying pressure, bulls have not yet established $2,500 as solid support, with ETH previously stalling near $2,458.
