Ethereum was trading just below the psychological $2,000 resistance level, with repeated attempts to break through met by sellers. The scarcity narrative was based on falling exchange reserves and rising staked volume, with approximately 41.4 million ETH (34% of supply) currently staked. On August 4, U.S. spot Ethereum ETFs recorded $53.75 million in net inflows. Novaque Research highlighted a widening gap between supply restraint and economic demand, with negative Coinbase Premium and weak funding rates failing to generate sufficient fee pressure. Analyst Credibull Crypto outlined a potential short-term pullback toward $1,500, with $2,000 remaining a stubborn supply zone.
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