Ethereum Taps $2,546 as ETF Cash and Shorts Fuel the Fire

Key Takeaways

• ETH rose 29.8% in 7 days and reached nearly $2,546.
• Coinglass recorded $264.92M in ETH liquidations within a $1.21B crypto wipeout.
• Ethereum traders will watch $2,400 support and ETF flows after Aug. 22.

ETH was trading around $2,435 late Saturday at 5 p.m. EDT after cooling from the intraday price peak. The pullback followed a violent run from the mid-$1,800s to low-$1,900s, where ethereum had spent much of mid-August pinned inside a tight range. Its share of the broader crypto market, known as dominance, is now closing in on 11%.

Ethereum Blasts Out of Its Range

The breakout caught fire on Aug. 19, when ETH jumped about 17.5%, opening near $1,917 and closing above $2,250. Buyers kept pressing over the next few sessions, driving the price as high as $2,546.78 on Binance. Daily trading volume has repeatedly hit $25 billion to $33 billion during this run.

Bitcoin also ripped higher, with current exchange rates placing it around $77,300 at 5 p.m. EDT on Saturday as well. But ethereum moved faster this week, and its performance against bitcoin strengthened. That matters because traders were not simply throwing money at crypto across the board. Capital was also rotating into the network underpinning many stablecoins, tokenized assets and decentralized finance (DeFi) applications.