Ethereum Breaks Five-Week Range, Surges 18% in 24 Hours
Ethereum's price surged by 18% in just 24 hours, breaking through a five-week trading range. The cryptocurrency reached $2,252.80 on August 19, with a weekly gain of nearly 20%. This rapid increase was accompanied by a significant spike in trading volume, which rose by 402%, signaling strong buyer interest.
The Relative Strength Index (RSI) hit overbought levels at 92.14, indicating that the price may be due for a correction. However, key resistance lies between $2,431 and $2,500, with $2,636 as the next target if the rally continues.
Two large whale traders hold short positions worth approximately $98 million near $2,273. If these positions are liquidated, it could trigger further buying activity. Nevertheless, a failure to hold above $2,003 support could weaken the breakout and lead to a reversal in price.