Ethereum jumps 18% to $2,252 as $98M whale shorts loom

Ethereum rose 18% to $2,252.80 as of 07:30 UTC, breaking above $2,003 resistance with trading volume up 402%.

Lookonchain data shows two Hyperliquid whales hold combined shorts of 50,838 ETH, worth roughly $98 million, with one liquidation level near $2,273. The position turns continued buying into a potential pressure point rather than a simple demand signal.

Ethereum's hourly taker buy volume reached $2.55 billion on Aug 19, the third-highest hourly reading since Feb 7, according to CryptoQuant. The RSI climbed to 92.14, and MACD rose sharply, confirming the acceleration. The weekly gain stands at 19.65%, with ETH outperforming Bitcoin, which climbed 8.8% to $69,687 during the same window. The broader rally followed the US Treasury's announcement that it would at least double long-term bond buybacks to $4 billion per operation starting in September, which pushed yields lower and weakened the dollar.

The $2,431–$2,500 zone now becomes the key test. A sustained break above $2,500 could open the path toward $2,636, while losing $2,003 would return ETH to its prior range.

Whale shorts and the $2,273 liquidation level

The contest between aggressive buyers and leveraged short sellers is now the defining dynamic. Ethereum's hourly taker buy volume hit $2.55 billion on Aug 19 — the third-highest reading since Feb 7 — as buyers accepted higher prices to fill orders. If buying persists, forced short closures near $2,273 could reinforce demand. If sellers absorb those orders instead, the rally's underlying momentum weakens.

The broader market context adds another layer. Total crypto liquidations reached roughly $1.44 billion during the rally, with a $32.18 million ETHUSDT perpetual position liquidated on Bitget alone. A top Ethereum trader lost $49 million, ending a 23-win streak, as the sharp reversal caught short positions off guard.

Technical levels to watch

The 200-day EMA sits near $2,122, a level ETH cleared during the surge. A daily close above that level would strengthen the bullish setup. The next resistance zone at $2,431–$2,500 represents a prior high-volume swing area where sellers previously defended positions. A gradual RSI reset toward 60-70 while ETH forms higher lows would provide the cooling-off period needed to sustain the advance.

If buyers clear $2,500, the focus shifts to $2,636, where another prior support-to-resistance transition exists. Conversely, repeated failure at $2,431–$2,500 would show the rally has met meaningful resistance, and a drop below $2,003 would return ETH to its former range.

This article is for informational purposes only and does not constitute investment advice.