Ethereum has climbed back above $2,500 following a nearly 5% gain, while Bitcoin moved above $82,000 as institutional demand returned to the crypto market. However, the rally in Ethereum has not yet produced the sustained momentum bulls are seeking, with underlying data suggesting the gains may lack the broad demand needed to sustain higher prices.
Bitcoin ETFs have attracted nearly a billion dollars since the start of the month, supporting Bitcoin's price recovery. Ethereum's ETF activity, by contrast, has shown less consistency. In September, Ethereum ETFs recorded a high of $59.3K in inflows, ending a 12-session streak that previously brought more than a billion into products. The disparity suggests institutional investors are currently directing stronger capital toward Bitcoin.
Ethereum's on-chain metrics present a mixed picture. Daily active addresses have been declining since August 9 and remain below 500K this month, down more than 5% compared to the same period last year. This suggests that network participation is not accelerating at the same pace as the price recovery.
Whale activity in Ethereum has intensified, with more than a million ETH involved in transactions representing nearly $5 billion across 650 transactions over recent days. However, large movements can represent various activities—including exchange transfers, custody movements, or over-the-counter settlements—rather than clear accumulation signals. Some whale transfers have moved ETH to exchanges, which could create additional supply pressure.
Technically, Ethereum faces key resistance at $2,560, with the $2,500 to $2,550 zone continuing to test bulls. A sustained move above this range would be needed to bring the $3,000 target back into focus. Until a decisive breakout occurs, another rejection could push Ethereum back toward the $2,000 to $2,100 range.
