Ethereum surged 18% in 24 hours, breaking out of a five-week consolidation range on a 402% jump in trading volume. Large buy orders from major market participants, alongside a Trump administration push on crypto policy, drove the move, but stretched momentum and roughly $98 million in whale shorts now stand between Ethereum and its next resistance zone.
Ethereum surged 18% over the past 24 hours, clearing its five-week consolidation range to reach $2,252.80, while trading volume jumped 402% on the breakout. Ethereum's hourly taker buy volume hit $2.55 billion on August 19, the third-highest reading in roughly 193 days, pointing to aggressive spot demand rather than thin, low-liquidity trading.
Large buyers drive the rally
Wintermute bought 192,617 ETH, Moonwell 165,934 ETH, Coinbase 115,204 ETH, Binance 200,380 ETH and OKX 97,180 ETH as Ethereum reclaimed $2,200 for the first time since May. The buying followed a meeting between President Trump and executives from Coinbase, Payward and Blockchain.com, after which he said, according to Coinspeaker: "We will ensure that America remains the undisputed leader" in Bitcoin and crypto. Bitcoin climbed to $69,900 in the same session, while the broader crypto market rose 7.5% overnight to a $2.45 trillion market cap.
More than $3 billion in positions were liquidated as Ethereum jumped from around $1,930 to a session high of $2,325, the eighth-largest liquidation event on record, behind the $19 billion wipeout in October 2025 tied to tariff threats.
Resistance levels test the breakout
Ethereum's RSI climbed to 92.14 after the surge, a level that signals stretched short-term momentum. Price is now testing the $2,431–$2,500 zone, a former high-volume swing high where sellers previously defended the market.
Two Hyperliquid whales are also positioned against the rally, holding combined short positions of 50,838 ETH worth roughly $98 million, according to Lookonchain data cited by AMBCrypto. One short position liquidation level sits near $2,273; continued buying could force short covers that reinforce demand, or sellers could absorb the pressure and weaken the rally.
A sustained break above $2,500 could expose the $2,636 zone next, a prior support-to-resistance transition point, but repeated failure to clear $2,431–$2,500 would signal the rally has met significant resistance.
Sources: AMBCrypto, Coinpedia Fintech News, Coinspeaker
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