ETH Surges 30%, Eyes $4,700 Resistance Level

Ethereum's price surged over 30% after sentiment turned bearish and has now reached levels not seen in months.

The crypto asset climbed by over 5% on Friday, touching $2,420 for the first time since then. With ETH trading above $2,380, several signals aligned ahead of this sharp move.

According to Santiment's analysis, crowd sentiment on Ethereum hit a three-month low on August 17. Two days later, ETH shot up. Macro factors took over as the US Treasury expanded long-end bond buybacks and followed by a record wave of short liquidations.

The breakout has prompted Michaël van de Poppe to expect further upside, although he believes that the crypto asset could see some consolidation after the recent move. He thinks ETH can continue higher as long as it stays above $2,000.

Crypto Patel's chart puts longer-term upside in focus, with potential targets of $10,000, $15,000, and $20,000 if Ethereum clears the $4,700 resistance level.