TLDR
- ETH surged 18% in 24 hours, pushing its weekly gain to 19.65%
- Trading volume jumped 402% as price broke above $2,003 resistance
- RSI spiked to 92.14, signaling overbought conditions after the fast move
- Key resistance sits between $2,431 and $2,500, with $2,636 as the next target
- Two Hyperliquid whales hold $98 million in ETH shorts, with a liquidation level near $2,273
Ethereum jumped 18% in the past 24 hours. The move pushed ETH out of a five-week consolidation range.
Weekly gains for ETH now sit near 19.65%. The price cleared $2,003 resistance and reached a high of $2,252.80.
Trading volume jumped 402% during the move. Higher volume often confirms buyer interest during a breakout.
The RSI climbed to 92.14. That reading points to overbought conditions after the fast price increase.
The MACD indicator also rose sharply. It supported the move into a wider trading range for ETH.
Traders are watching $2,003 as a support level. Holding above this price would keep the new structure intact.
A drop back below $2,003 would put ETH back inside its old range. That would weaken the case for a lasting breakout.
Next Resistance Sits Near $2,500
ETH is now testing the $2,431 to $2,500 zone. This area held as a high-volume swing high earlier this year.
Sellers who traded in this zone before could return as price nears it again. Sustained volume will be needed to push through.
A gradual pullback in RSI toward 60-70 would ease overbought conditions. This could happen while ETH still forms higher lows.
If buyers clear the $2,500 zone, the next target becomes $2,636. That level marks a prior support-to-resistance shift.
Repeated failure to clear $2,431-$2,500 would show that the rally has met real resistance.
Whales Hold $98 Million in Short Positions
Ethereum’s hourly taker buy volume hit $2.55 billion on August 19. That was the third-highest hourly reading since February 7.
Large buy orders like these use up available sell liquidity. It shows buyers accepted higher prices to get filled.
On-chain analyst Lookonchain reported that two Hyperliquid whales hold combined ETH shorts of 50,838 ETH. That position is worth close to $98 million at current prices, based on data the analyst shared on X.
One of the liquidation levels for these shorts sits near $2,273. That price sits directly inside ETH’s current advance.
If ETH keeps climbing, forced closures of these short positions could add to buying pressure. If sellers absorb the buying instead, the rally could lose steam.
