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#ETHBreaks2400 Ethereum Surpasses $2,400: Dynamics Behind the Rise
Ethereum (ETH) broke through a significant resistance level, surpassing $2,400 after a long period of downtrend. According to Gate market data, ETH/USDT was trading at $2,401 as of August 21st, with a 24-hour increase of 5.81%. The price peaked at $2,448 during the day, testing its highest level since March.
Increased Institutional Demand
One of the key factors behind the rise is the strong inflows into US spot Ether ETFs. On August 19th, spot Ether ETFs recorded a net inflow of $189 million, the highest daily inflow since October 2025. BlackRock's ETHA fund accounted for approximately $122 million of this figure. According to data from blockchain intelligence firm Arkham, BlackRock-linked clients made their largest ETH purchase in seven months during this period.
Short Squeeze Effect
Ethereum's break above the $2,000 level triggered a chain-on liquidation wave in leveraged short positions. According to CoinGlass data, over $1 billion in Ether short positions were liquidated during the initial breakout. This was part of a larger liquidation event exceeding $3 billion in the overall crypto market. The forced closing of short positions created additional buying pressure that accelerated the rise.
Macroeconomic Support
The US Treasury Department's announcement that it would increase the maximum size of long-term bond repurchases from $2 billion to $4 billion per operation was another development that boosted risk appetite in the markets. Weakening bond yields and the dollar index supported demand for risky assets, particularly Bitcoin and Ethereum.
Technical Outlook and Risks
Ethereum has broken through the $2,250 resistance zone and the psychological $2,000 level. While the $2,375 level is being tested, the $2,448-$2,500 range is being monitored as short-term resistance. However, the daily RSI indicator has reached 86, entering the overbought zone. This increases the risk of a price correction from current levels. If the price remains above $2,500, targets of $2,625 and $2,750 may come into play.
This post is not investment advice and is for informational purposes only regarding market conditions.
#GateStockInsightsChallenge #BTCETHReboundTradeIdeas #GateBTCSpotTradingRanks#2Globally
$ETH