Ethereum Stages Remarkable Recovery, Targets $4,700
Ethereum has staged a remarkable recovery from its sentiment trough on August 17. Since then, it's surged more than 30% and touched $2,420 on Friday. The seven-day weighted sentiment average turned negative before this rally, while whale selling pressure eased and exchange balances fell to about 6.54 million ETH.
Analysts are now watching $2,465 and $2,900 as short-term targets, with $4,700 as the key long-term resistance that could open the door to $10,000, $15,000, and $20,000 scenarios. US spot Ethereum ETFs added over $220 million in net inflows on August 20, following $189 million a day earlier.
The move accelerated after the US Treasury expanded long-end bond buybacks, triggering a record wave of short liquidations. Michaël van de Poppe, founder of MN Fund, expects further upside as long as Ethereum holds above the $2,000 mark.