ETH Surges 30% After Sentiment Collapse, Eyes $4,700 Resistance

Ethereum's price has surged by over 30% after crowd sentiment hit a three-month low on August 17. The asset touched $2,420 for the first time in months and is now trading above $2,380.

According to Santiment's analysis, the crowd sentiment on ETH was at its lowest reading in at least three months, turning negative. Two days later, ETH shot up after a sharp move.

The analytics platform stated that macro factors took over as the US Treasury expanded long-end bond buybacks, followed by a record wave of short liquidations. The breakout has prompted Michaël van de Poppe to expect further upside, although he believes ETH could see some consolidation after the recent move.