Ethereum analysis as of August 24, 2025.

Market Snapshot

**ETH** is trading around **$4.75k** after a rally that brought it back to test the **$4.8–4.9k** area in recent days. The intraday high on August 22 reached **$4.89k**, close to historical highs from 2021; high volatility in the last 72 hours.

Powell’s speech at Jackson Hole was interpreted as **dovish** (opening the door to a rate cut as early as September, “data-dependent”), with 2-year yields falling and a risk-on sentiment in equities/crypto. Attention is now on July/August’s **PCE**: if it confirms the cooling seen in the CPI, the probability of a rate cut remains high.

After a sequence of outflows mid-month (August 18–20), **flows turned positive on August 21–22**: +**$287M** driven by BlackRock/Fidelity; ETF holdings now contain approximately **6.42M ETH** (~5.3% of the circulating supply).
The **weekly reading** remains mixed: some reports indicate a **net outflow** for the week ending August 22, despite the weekend rebound. In short: the **medium-term trend** remains positive, but the immediate direction depends on macroeconomic data and the quality of flows in the coming days.

**Staking ratio** around **~29–30% of the supply** with **>1.0M** active validators; the base yield is around **~3%** (variable). Staking Rewards
Signs of a **high withdrawal queue** in the last week (~**900k ETH** waiting): a short-term factor that may increase rotation between staking protocols and services, without changing the medium-term narrative. ForkLog
**Total supply** close to **120.7M ETH**; the combined effect of EIP-1559 burns and staking continues to contain the growth of the net supply. YCharts

**Resistance:** $4.80–4.89k (recent top; a clean break here opens the way towards ATH).
**Support:** $4.60k (minor); **$4.34k → $4.23k** (August pivot); then $4.06–4.10k