Ethereum (ETH) Eyes Critical $2,000 Threshold Amid Growing Whale Activity

TLDR

• Ethereum advanced 1.95% to reach $1,912, successfully recovering the $1,900 threshold after finding support at $1,870
• ETH settled above its 20-day, 50-day, and 100-day moving averages
• A major holder withdrew 5,300 ETH valued at $9.98 million from Kraken, reducing available exchange inventory
• Total staked Ethereum reached an all-time high of 41 million tokens, representing over 33% of supply in circulation
• Trader Michaël van de Poppe suggests $2,800 could be achievable if ETH successfully clears and maintains above $2,000

---

Ethereum registered a 1.95% gain on August 17, reaching $1,912 after market participants provided support near the intraday bottom of $1,872. This upward movement restored ETH above the significant $1,900 threshold.

The digital asset settled above its 20-day, 50-day, and 100-day simple moving averages, currently positioned at $1,889, $1,845, and $1,869 respectively. This configuration maintains favorable short-term technical positioning for bullish participants.

The daily Relative Strength Index climbed to 56.5, surpassing its signal average of 53. This places momentum indicators in favorable territory for buyers, although readings remain well below overbought conditions.

ETH continues trading beneath its 200-day moving average, currently located at $2,009. This positions the $2,000–$2,010 range as the crucial resistance zone moving forward.

Fundstrat co-founder Tom Lee shared a technical chart from analyst MacroCRG illustrating ETH positioned approximately 3.5% below its daily Ichimoku Cloud. Lee noted “Would be good to see,” indicating optimism for a possible breakthrough above this technical barrier — a level ETH hasn’t surpassed since October 2025.

Whale Activity and Supply Squeeze

A significant cryptocurrency holder transferred 5,300 ETH, valued at roughly $9.98 million, off the Kraken exchange. Such withdrawals diminish the inventory accessible for trading on centralized platforms.

Spot Taker Cumulative Volume Delta also transitioned to buyer-dominated conditions after extended periods in neutral ranges. This indicates aggressive buyers were outpacing sellers in crossing bid-ask spreads, strengthening the accumulation narrative.

Ethereum’s total staked amount reached an unprecedented 41 million ETH, accounting for approximately 33.8% of total circulating tokens. This fundamental decrease in liquid ETH bolsters the supply constraint thesis.

Key Levels to Watch

Liquidation information from CoinGlass reveals concentrated short positions clustered near $1,925 and the $1,945–$1,950 range. Penetration through these levels could trigger forced short liquidations and amplify purchasing pressure.

On the support side, the $1,870 threshold remains vital. Analyst Michaël van de Poppe cautioned via X that failure to hold $1,870 could rapidly push ETH toward levels below $1,700 due to substantial long-position liquidity positioned beneath current market prices.

Van de Poppe noted that ETH’s daily chart is “looking better day after day,” highlighting a pattern of ascending peaks and troughs. He indicated that a decisive break above $2,000 could produce rapid upside movement, with potential temporary resistance at $2,200 before extending toward $2,800.

United States spot Ethereum ETFs registered net outflows totaling $2.26 million during the week spanning August 10–14. BlackRock’s ETHA experienced $16.39 million in withdrawals, indicating institutional demand through ETF vehicles hasn’t yet validated the price recovery.

The Average Directional Index measured near 18.50 during analysis, suggesting directional momentum remained insufficient for confirmed trend continuation.

The post Ethereum (ETH) Eyes Critical $2,000 Threshold Amid Growing Whale Activity appeared first on Blockonomi.

Source: https://blockonomi.com/ethereum-eth-eyes-critical-2000-threshold-amid-growing-whale-activity/