ETH Didn't Just Clear 2,000 — It Jumped 17.5% in a Day, More Than Double BTC's Gain

Two days ago I wrote that "ETH is building strength right at the 2,000 door." It didn't just step through — it leapt clean over it.

8/19 alone was +17.5%, from 1,918 to 2,253. BTC gained 7.1% the same day, so ETH gained more than twice as much. It followed through with another +3.3% on 8/20 and now sits at 2,366.

The volume is overwhelming. On 8/19 it came in at 3.9x the 20-day average, and 3.2x on 8/20. BTC printed 2.3x and 2.8x, so ETH saw the stronger relative volume surge. OBV had been grinding out higher lows and this time went vertical.

It also cleared the MA200 (2,005) — a line it couldn't get over for more than two months.

2,360 is flipping from resistance to support

The 8/20 high was exactly 2,360. Sell orders were stacked there and price got rejected right on it.

Today it broke through that wall. The high reached 2,380, and the 2,360 area has turned into a spot with heavy bids stacked up. A textbook case of former resistance flipping into support.

But today's candle isn't closed yet. It needs to hold above 2,360 on a closing basis to confirm the flip.

How far up?

If it holds, next up is 2,424 — the 100% retracement of the drop from the May high to the June low. Right above that, 2,465 is this year's April weekly high. The two sit so close together that I treat them as one zone.

The downside worries me more

Long liquidations are clustered between 2,235 and 2,294 — right below the current price. Leveraged longs piled in fast during the 20%+ run over two days, and if price slips into that zone, liquidations can trigger more liquidations. The zone is calibrated against actual liquidation records, so its location is fairly reliable.

Setting the invalidation up front. If 2,221 (the 8/20 low) breaks on a closing basis, I consider the short-term move over. The final invalidation is the MA200 at 2,005. Brief intraday wicks below don't count.

RSI 85 — time to sell?

It's running even hotter than BTC (81). But I'm not one to sell just because RSI is high. I once went through past cases out of curiosity, and more often than not price kept going after crossing 80. Overbought is closer to meaning there's that much strength behind the move than meaning it's about to roll over.

ADX, which measures trend strength, is at 26.4 — "strong trend" territory — and buying pressure is six times selling pressure. The direction itself is clearly up.

Bottom line

ETH ran harder than BTC and drew more volume. If it holds 2,360 on a close, the path to 2,424–2,465 is open. On the flip side, a close below 2,221 erases this rally, and the liquidation cluster just above it could amplify the drop.

Investment decisions are your own responsibility; this post is for reference only.