Ethereum Surges to $2,448 Amidst ETF Inflows and Short Liquidations

Ethereum (ETH) has continued its upward momentum, climbing 3% to about $2,397 on August 21 after reaching an intraday high near $2,448. This surge comes as a result of several factors, including ETF inflows and short liquidations.

The US spot Ether ETFs attracted $189 million on August 19, their largest inflow since October. BlackRock's ETHA accounted for about $122 million of that total.

Additionally, the forced purchases associated with short liquidations likely added to the speed of the advance, although the breakout also coincided with new spot demand from US-listed funds.

The Ethereum price has now reached a critical point, with its daily RSI reaching 86, placing it deep in overbought territory. Analysts are watching the $2,450 weekly close closely, as a sustained break above this level could expose $2,500 and potentially even higher levels of $2,625 and $3,000.