Ethereum surged more than 18% and reclaimed $2,000 after Spot ETFs pulled in $189.15 million in a single day, their largest daily haul in ten months. A whale opened a $45.38 million leveraged long on Hyperliquid just before the move, while exchange supply has fallen 15% over eleven weeks.
Ethereum surged more than 18% in a matter of hours, leading the broader altcoin market back above the $2,000 level. Leverage, fresh buyers, and shifting supply dynamics all fed the move, following what the charts show as a breakout from an accumulation range.
ETH exchange supply falls 15%
A whale created a new wallet and deposited $20 million in USDC on the Hyperliquid exchange across three transactions of $10 million, $9.41 million, and $589,000. The wallet then opened a 4x leveraged long position of 20,000 ETH worth $45.38 million, a bet that coincided with the sudden surge. That position now sits on an unrealized profit of $6.66 million.
Ethereum Spot ETFs added to the buying pressure, too. Participants bought $189.15 million worth of ETH before the 18% move, the largest single-day buying volume in ten months, according to SoSoValue data. BlackRock, Fidelity, and Grayscale led the buying with $122 million, $36.54 million, and $16 million respectively.
Meanwhile, exchange supply of ETH declined 15% over eleven weeks, according to Santiment data, slipping from 7.70 million on June 2 to 6.54 million on August 18 as roughly 1.15 million ETH left exchanges.
Bulls target the $2,500 confirmation zone
Ethereum first hinted at a bottom on June 6 after rebounding at $1,549, a reversal reinforced when the asset broke through the neckline of a double bottom at $1,800. The retest of that breakout lasted a month before the current move higher, and the token now appears headed toward $2,500.
The Bull/Bear Power indicator has hit its highest level this year at about 528, while the large transaction count nearly tripled from 2,690 to 6,910 in a single day. That shift signals changing market structure, but bulls still need to push ETH past $2,500 for confirmation, since the zone marks the most recent lower high of the existing bearish structure. If it flips into support, Ethereum would turn bullish in the mid-term; if not, the supply zone could reverse the current buying pressure, though the source data suggests that outcome looks unlikely.
Source: AMBCrypto
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