Ethereum has kicked off August in the red, slipping below $3,700 and nearing the $3,500 support area after a nearly 7 % drop this week,
pressured by fresh U.S tariffs from Trump on key trading partners and a hawkish Fed that held rates steady at 4.25–4.50 % while dialing back September rate‑cut odds to roughly 43 %
Despite the weakness, on‑chain whale activity shows 68,297 ETH (~$252 M) added in one day and total accumulation since early July near 790,449 ETH 
Meanwhile, U.S. spot Ethereum ETFs recorded 306 million ETH inflows this week, signaling sustained solid institutional confidence 
Recovery above $3,730 may pave a path toward $4,000
