$ETH A day of missing old Powell:

Key price levels (USD)

🔺Resistance

1. 2480‑2500: The first major resistance level and the high of this rebound. Only a sustained hold above this level can open up room toward above 2700.

2. 2720‑2750: Important medium-term resistance zone.

🟢Support

1. 2320‑2350: The first short-term bullish defense zone; a break below it would disrupt the short-term uptrend and lead to a deep pullback.

2. 2220‑2250: The key trend dividing line for this rally. Holding this range preserves the medium-term bullish structure; a decisive break below it would signal the end of the rebound and a return to range-bound trading.

✅Bullish catalysts

1. Spot ETF inflows are strong. During some periods in August, ETH ETF net inflows exceeded those of BTC, with institutional capital continuing to enter the market; Fidelity and other institutions have applied to enable staking functionality for ETFs, opening up room for the yield narrative.

2. The on-chain staking rate has reached a new high, with more than one-third of ETH locked in staking contracts, reducing the circulating supply and tightening supply.

3. At the macro level: U.S. Treasury buybacks are improving liquidity, U.S. political circles are sending crypto-friendly signals, and the overall environment for risk assets is recovering.

4. The narratives around restaking and the tokenization of real-world assets (RWA) continue to gain traction. As the settlement layer of the crypto world, Ethereum has a complete fundamental narrative.