Ethereum (ETH) rallied about 30% after bearish sentiment hit a three-month low, reaching $2,420 as analysts mapped the next resistance levels.
Key Points:
- ETH gained more than 5% Friday and traded above $2,380 after reaching $2,420.
- Santiment said weighted sentiment hit a three-month low on Aug. 17, two days before the surge.
- Analysts now watch $2,465 and $2,900 near term, while $4,700 is the key longer-term breakout level.
Ethereum Rally Signals
ETH extended its advance Friday, touching $2,420 for the first time in months after gaining more than 5% and moving above $2,380. According to Santiment, its seven-day weighted sentiment average turned negative and fell to the lowest reading in at least three months on Aug. 17.
On Aug. 18, Santiment's eth_whale_dump anomaly triggered once at roughly $7.55 million, compared with five events in each of the previous two weeks. Exchange balances also fell to about 6.54 million ETH, the lowest level recorded during the period.
Macro conditions added support after the U.S. Treasury expanded long-end bond buybacks, while the market also saw a record wave of short liquidations. Santiment said bearish sentiment did not cause the rally, but the heavy short positioning left more traders exposed once ETH began moving sharply higher.
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Analyst ETH Targets
Michaël van de Poppe, founder of MN Fund, said ETH can keep advancing while it remains above $2,000. He sees $2,465 and potentially $2,900 as the next upside levels, and said a higher high would indicate that the bear market has ended.
Crypto Patel said Ethereum has gained more than 55% from the $1,500 accumulation zone, making $4,700 the next major resistance and breakout point. His chart projects $10,000, $15,000 and $20,000 after a successful break, although those figures remain longer-term technical targets rather than confirmed price outcomes.
Axel Bitblaze compared the setup with Ethereum's Apr. 2025 bottom near $1,500, which preceded weeks below $1,950 before the asset later pushed toward $2,400. He expects sideways trading and said another dip could come first. Meanwhile, U.S. spot Ethereum ETFs recorded more than $220 million in net inflows on Aug. 20, following $189 million in net inflows one day earlier.
That 2025 rebound from roughly $1,500 offers the closest recent comparison, leaving $2,000 support and $4,700 resistance as the broad markers for whether the current recovery can persist.
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