On August 21st, the Ether Workshop rose to $2448 and then fell around $2397, an increase of about 3 per cent a day. Over the past week, the ETH cumulative increase has exceeded 20 per cent. This round has been driven mainly by a combination of cash-in-kind ETF inflows to the U.S., empty-headed silos and risk-asset-heating.

ETF inflow amplified increase

According to the data, on August 19, the United States cash ETF recorded a net inflow of $189 million, the largest single-day inflow since October 2025. Of which, Beled ETHA contributed approximately $122 million.

At the time of the inflow, ETH had just broken the 2000 dollar mark. As prices went up fast, the leverage had to flatten. Citing CoinGlass data, the report states that, during the initial break-up phase, the size of the settlement at the airport exceeded US$ 1 billion and led to a wider encrypted market totalling over US$ 3 billion.

United States debt buy-back arrangements drive risk preferences

The United States Treasury Department had previously announced an increase in the single operating cap on long-term nominal national debt buy-backs from $2 billion to $4 billion. The new arrangement will be implemented on 9 September and will continue until 4 November.

The market interprets this adjustment as support for the liquidity of the debt market. Following the news, the return on United States debt and the United States dollar weakened, and risk assets such as bitcoin and the Etherwood increased.

2450.

Currently, direct resistance above ETH is concentrated between US$ 2448 and US$ 2,500. The former is a high point on the day of August 21, while the latter is considered to be the next critical resistance. The market focus could turn to $2625 and $2750 if it could continue to stand at $2500.

However, short-line overheating signals have appeared. The ETH 14-day relative strength indicator RSI rose to 86.12, which is significantly higher than the level of 70 which is usually considered overpurchase. This does not necessarily mean that prices will be reversed immediately, but it means that the current round has risen at a significantly faster rate than before.

It was also mentioned that CoinGlass heat sought to show a relatively close settlement-intensive area around $2270 to $2350. If ETH is slow to break the $2450, the price may look back at $2375 and then test the 2300 to $2250 area.

Additional information:It was also mentioned that on 18 August the SEC issued a proposal for the regulation of encrypted assets, which is intended to provide a clearer route for registration exemptions for investment contracts that partially involve encrypted assets, including financing waiver arrangements of up to $75 million per year. The proposal has not yet entered into force and will not immediately change the regulatory attributes of the Taifung.