Ethereum climbed back above $1,900 on August 17, printing its largest four-hour candle since August 12 even as broader market sentiment sank to a fresh low. Traders are watching the $1,917 resistance level, where a confirmed breakout could open the path to $1,980, while a rejection risks a slide back toward $1,867.
Ethereum (ETH) surged to $1,910 before easing to trade at $1,902, up 1.27% over the past 24 hours. The move came on the back of a notably strong four-hour candle, the largest ETH has printed since August 12.
Ether Eyes $1,917 Breakout After Biggest Candle Since August 12
Green volume bars on the four-hour chart point to rising buying pressure behind the move, and the RSI reading of 66 suggests momentum currently favors bulls. Still, Ethereum needs to close above the resistance at $1,917 to confirm buyers have control.
If ETH clears $1,917 on three consecutive green candles, the next target sits at $1,980. A failure to hold above that level, however, could send the price back down to the lower Bollinger band at $1,867.
Weak Sentiment and Macro Crosscurrents
The bounce comes despite Glassnode data showing US consumer confidence has dropped to an all-time low, with the firm noting that cash is rotating into equities and AI stocks rather than crypto. Bitcoin and the broader market have been left out of that shift.
Geopolitical uncertainty around whether the United States and Iran will extend their ceasefire has also failed to trigger major declines, partly because Goldman Sachs has signaled the Federal Reserve is unlikely to raise rates in September. Prediction markets now put the odds of a rate hike at just 25%.
Derivatives Activity Picks Up as Shorts Build
Ethereum's futures volume on Binance stands at $5.26 billion, part of a broader 72% jump in crypto derivatives turnover to $96 billion. Market-wide liquidations have climbed 253% to $136 million, split between $80.9 million in short liquidations and $55.5 million in longs.
The long taker buy/sell ratio has also slipped, falling from 64% on August 16 to 51% as short positioning gains ground across the market.
Source: CoinGape
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