Ethereum Price Surges 36% in Just 25 Days Amid Tightening Supply Structure

Ethereum has seen a remarkable surge in price over the past few weeks, reaching as high as $2,545.88 on August 21. This represents a gain of approximately 36.4% from its opening price of $1,867.23 at the beginning of the month.

The supply structure of Ethereum has tightened significantly, with over 42 million ETH locked in staking and exchange balances declining by 15% since early June. A single corporate treasury also purchased 32,447 coins in one week.

Despite the strong momentum, analysts caution that the price is stretched to an extreme, with daily RSI printing between 75.59 and 85 across the last week. The MACD has gone flat at the highs of the run, and liquidation clusters sit at $2,550 above and $2,300 below.

The ETH/BTC ratio has also moved significantly, increasing by approximately 32% from its June low of around 0.024 to 0.033. This shift indicates improved sentiment that historically supports broader altcoin strength.