Ethereum price tests ascending triangle near $2,533

Ethereum (ETH) traded around $2,500 on Aug. 28, staying near the upper end of a three‑day range after a roughly 35% rise from its mid‑August consolidation level.

Technical outlook

On the 4‑hour chart, ETH formed an ascending triangle with horizontal resistance between $2,533 and $2,550 and a rising trendline near $2,470. A close above $2,533 would clear the immediate barrier and open the path toward $2,600 and the next Fibonacci level at $2,677.

Momentum indicators

The daily Relative Strength Index reached 77.4, indicating an overbought condition, while the MACD remained positive but with a shrinking histogram, suggesting easing upward pressure. The Aroon Up reading (57.14%) was higher than Aroon Down (21.43%), and Chaikin Money Flow stayed modestly positive at 0.06.

Liquidity and leverage clusters

CoinGlass data showed concentrated leveraged positions near $2,540‑$2,550 and a secondary cluster around $2,470‑$2,480. A breakout above $2,550 could trigger short‑covering, while a drop below $2,470 might expose larger liquidation zones near $2,410‑$2,420.

Fundamental backdrop

US headline PCE inflation for July rose 3.7% year‑over‑year, above expectations, raising the market‑implied probability of a September Fed rate hike to 44%. The US Treasury announced an increase in its long‑dated debt buyback size to at least $4 billion per operation starting Sept. 9, a move aimed at supporting Treasury market liquidity.

Market sentiment

US spot Ethereum ETFs recorded about $192 million in net inflows on Aug. 26, followed by an $11.4 million net outflow the next day, indicating mixed short‑term investor sentiment.