Market context
Ethereum spent last week catching a bid while XRP got left behind, per CoinDesk, with ETH, BTC and SOL all climbing off the same August low. Ambcrypto flagged $853. 5M of net weekly inflows into spot bitcoin ETFs, and the Ethereum-linked funds are attracting a share of that risk-on rotation.
It's not a full risk sprint. Volumes are thinner than the price action suggests, and ETH still needs to punch through $2K to convert this from a relief bounce into a trend. The interesting tell is relative strength: ETH just logged a three-month high on the ETH/BTC pair, which typically shows up before altcoin beta rotates in earnest.
Traders should not extrapolate that into a broad alt season yet. What it does say is that the marginal buyer this week is choosing ETH over BTC, which was not true through most of Q2.
Technical setup
CryptoPotato's read on the daily chart pegs ETH at roughly $1. 92K with $2K as the wall bulls need to clear. Below, the reclaim of the mid-$1.
8Ks was the structural fix; that band is now first support. A daily close under $1. 82K puts the recent higher-low sequence in question and reopens $1.
72K, the area where whales stepped in during late July. Above, $2K is not just a round number. It's the shelf where June sellers took over, and a weekly close through it is the trigger most desks are watching for a run at $2.
2K. Volume profile is thin between $2. 05K and $2.