Ethereum Price Surges to Four-Month High Amid $1.9B Short Graveyard

Ethereum (ETH) has seen a significant price surge in recent days, reaching its highest level in four months at $2,446 on August 20. This marks a 29% increase over the past week and a 30% gain in just five sessions.

The asset's upward momentum began on August 19, when it broke through a resistance corridor of $1,930 to $1,950 that had held for weeks. The following day, Ethereum exploded higher, gaining more than 20% in 24 hours to touch $2,300 and briefly $2,320 before settling near $2,275.

The scale of the reversal is remarkable, with Ethereum opening the week at $1,875 and spending most of August grinding against the resistance corridor. The asset's short-liquidation cascade triggered a $1.9 billion forced buying spree, which contributed significantly to its price increase.

Spot ETH ETFs took in $220.77 million on August 20, the largest daily inflow since October 2025, and total net assets across the funds reached $13.58 billion, the highest level since May 11. The institutional leg is a key driver of this rally, with Ethereum's breakout triggering a short-liquidation cascade that forced leveraged accounts to cover into a book that had already thinned.