TLDR
- ETH gained 1.95% to reach $1,912, successfully reclaiming the $1,900 threshold after support held at $1,870
- The cryptocurrency closed above its 20-day, 50-day, and 100-day moving averages
- A large holder withdrew 5,300 ETH valued at $9.98 million from Kraken, reducing available exchange supply
- Total staked ETH reached an all-time high of 41 million, representing over 33% of circulating tokens
- Crypto analyst Michaƫl van de Poppe projects $2,800 as achievable if ETH successfully breaches and sustains above $2,000
Ethereum experienced a 1.95% increase on August 17, reaching $1,912 as demand emerged near the session’s lowest point of $1,872. This upward movement restored ETH above the significant $1,900 price point.
The digital asset settled above its 20-day, 50-day, and 100-day simple moving averages, positioned at $1,889, $1,845, and $1,869 respectively. This positioning maintains a favorable near-term outlook for those holding long positions.
The daily Relative Strength Index climbed to 56.5, surpassing its signal average of 53. This indicates momentum favoring buyers, although readings remain well below overbought thresholds.
ETH is still trading beneath its 200-day moving average, currently located at $2,009. This establishes the $2,000ā$2,010 range as the critical resistance zone to overcome.
Tom Lee, Fundstrat’s co-founder, shared a technical chart from analyst MacroCRG illustrating ETH positioned approximately 3.5% under its daily Ichimoku Cloud. Lee noted “Would be good to see,” indicating optimism for a possible breakthrough above that technical barrier ā a feat ETH hasn’t accomplished since October 2025.
Large Holder Activity and Tightening Supply
A significant crypto holder withdrew 5,300 ETH, valued at roughly $9.98 million, from the Kraken trading platform. Such withdrawals decrease the amount of supply accessible for exchange-based trading.
Spot Taker CVD has also shifted to buyer-dominant territory following an extended period of neutral readings. This indicates buyers have been more aggressively taking orders than sellers, supporting the narrative of ongoing accumulation.
The total amount of staked Ethereum reached an unprecedented 41 million ETH, accounting for approximately 33.8% of the entire circulating supply. This fundamental decrease in liquid ETH strengthens the case for a supply-driven price squeeze.
Critical Price Zones Under Observation
Liquidation information from CoinGlass reveals concentrated short positions clustering around $1,925 and the $1,945ā$1,950 range. Breaking through these zones could trigger forced short liquidations, generating additional upward pressure.
Conversely, the $1,870 support level remains crucial. Analyst Michaƫl van de Poppe cautioned via a post on X that failure to maintain $1,870 could rapidly drive ETH below $1,700, citing substantial long-position liquidity positioned beneath current market levels.
Van de Poppe commented that ETH’s daily chart is “looking better day after day,” highlighting a pattern of consecutive higher highs and higher lows. He suggested that a decisive break above $2,000 could produce substantial momentum, with potential consolidation near $2,200 before advancing toward $2,800.
United States spot Ethereum ETFs registered a cumulative net outflow of $2.26 million during the week spanning August 10ā14. BlackRock’s ETHA experienced $16.39 million in withdrawals, indicating institutional ETF demand has yet to validate the recent price recovery.
The Average Directional Index registered approximately 18.50 during this analysis period, suggesting directional momentum remains insufficient for confirmed trend continuation.
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