Ethereum has shown significant resilience in the face of market fluctuations, rising 1.95% on August 17 to reach $1,912. This rebound comes after buyers defended the $1,870 mark, effectively pushing ETH back above the psychologically important $1,900 threshold.
The latest price action has allowed Ethereum to close above its 20-day, 50-day, and 100-day moving averages, which currently sit at $1,889, $1,845, and $1,869, respectively. This solidifies a bullish short-term outlook for the cryptocurrency.
Furthermore, the daily Relative Strength Index (RSI) has reached 56.5, indicating that momentum is currently in favor of buyers, albeit still shy of overbought levels. However, it is essential to note that ETH continues to trade below its 200-day moving average, which stands at $2,009, making the $2,000–$2,010 range a crucial resistance zone in the coming days.
Market analysts are keeping a close watch on Ethereum’s movements. Fundstrat co-founder Tom Lee highlighted a chart from analyst MacroCRG, revealing that ETH is roughly 3.5% below its daily Ichimoku Cloud. Lee’s commentary suggests optimism for a potential breakout above this level, a feat that ETH has not achieved since October 2025.
Whale Movements and Supply Dynamics
In a notable development, a crypto whale recently withdrew 5,300 ETH, valued at approximately $9.98 million, from the Kraken exchange. Such withdrawals restrict the available supply for trading, further intensifying the ongoing supply squeeze.
Additionally, the Spot Taker Cumulative Volume Delta (CVD) has flipped to a buyer-dominant position after months of neutrality, indicating that buyers are now more aggressively crossing the spread than sellers. This shift reinforces the narrative of accumulation among investors.
Ethereum’s staking total has also hit an all-time high of 41 million ETH, representing around 33.8% of the total circulating supply. This structural reduction in the available ETH adds further credence to the supply squeeze argument, driving bullish sentiment.
Critical Levels to Monitor
Liquidation data from CoinGlass reveals concentrated short positions near the $1,925 and $1,945–$1,950 levels. A breakout above these thresholds could trigger short closures and potentially amplify buying pressure on the market.
On the downside, the $1,870 level is pivotal. Analyst Michaël van de Poppe has cautioned that a drop below this threshold could rapidly send ETH to the sub-$1,700 range due to significant long-side liquidity residing beneath the market.
Van de Poppe recently noted that Ethereum’s daily chart appears to be improving, with a series of higher highs and higher lows. Should ETH breach the $2,000 mark convincingly, analysts predict a sharp move upward, potentially pausing at $2,200 before targeting the $2,800 level.
To be honest, the daily chart of $ETH starts to look better day after day.
This is generally how I'm viewing the current market on $ETH.
▫️ There are many liquidity levels beneath us on the long side, meaning that it's very likely that we'll drop fast if $ETH loses $1,870. What… pic.twitter.com/j20KCgIyba— Michaël van de Poppe (@CryptoMichNL) August 17, 2026
Despite the bullish signs, US spot Ethereum ETFs experienced a net outflow of $2.26 million during the week of August 10–14. BlackRock’s ETHA suffered outflows of $16.39 million, indicating that ETF demand has yet to confirm the price recovery.
As of the latest analysis, the Average Directional Index (ADX) was near 18.50, suggesting that directional strength is not yet robust enough for a confirmed trend expansion.
