Ethereum Price Soars 29% as Bullish Structure Takes Shape

The Ethereum price has surged by nearly 29% over the past week, reclaiming its 200-day exponential moving average (EMA) at $2,139.36 and reaching an intraday peak of $2,546 on August 22.

This significant move was triggered by three catalysts in quick succession: the US Treasury's announcement to double its buybacks of longer-dated government debt, the SEC's proposed framework for crypto projects to raise capital under defined exemptions, and President Trump's pressure on the Senate to pass the Clarity Act.

As a result, over $3 billion in leveraged crypto positions were wiped out, with short positions accounting for approximately 92% of the damage. This has led to a strong rally in Ethereum, with institutional flow confirming rather than fading the move.