Ethereum has surged past the $4,950 mark in August, fueled by broader market growth and the arrival of spot ETH ETFs. Data points to a longer-term bullish trend as key supply dynamics play out. 70% of Ethereum is currently staked, underpinning a robust long-term outlook. Despite this rise, there’s a mix of short-term caution and long-term bullish signals. Analysts believe the most likely scenario for September is a sideways-to-slightly bullish move between $4,300 and $5,500. A break above $4,800 could drive prices towards $5,200 to $5,500. 411,000 ETH were added to Ether in August by whales. Binance’s ETH reserves rose sharply during the month as well, suggesting potential profit-taking and increased liquidity. However, the majority of Ethereum supply remains illiquid or locked in staking or long-term holdings, creating a structural shortage that supports the bigger bullish picture.