Ethereum is trading at $2,490 as it consolidates near $2,500 after reaching a weekly high near $2,566, with the asset maintaining its recent breakout momentum despite stalling below the critical $2,550 resistance level. According to crypto.news data, Ethereum gained about 7.8% from its Aug. 21 opening price of $2,326, representing a sharp breakout from the $1,875–$1,950 range that had contained ETH for much of August. The daily chart shows ETH trading almost exactly at the $2,500 Murrey Math resistance, with Chaikin Money Flow at 0.24, remaining well above zero and showing continued buying pressure. The 4-hour ETH/USDT chart reveals Ethereum forming an ascending triangle after its rapid move from below $1,950, with price repeatedly testing horizontal resistance near $2,533 while producing a sequence of higher lows. A 4-hour close above $2,533 would strengthen the triangle setup and place $2,600 in view, while failure to clear the barrier could send ETH back toward the rising trendline near $2,470.
The latest surge was fueled by a record derivatives squeeze that liquidated nearly $3 billion in leveraged crypto positions in 24 hours, with bearish positions accounting for about 92% of the total. As reported by crypto.news, Ethereum jumped roughly 18% during the event as short sellers were forced to close positions in a rising market, creating the disconnect between price and conviction that traders need to understand. The US Treasury announcement to double long-end debt buybacks from $2 billion to $4 billion per operation beginning September 9 provided additional support, with market participants treating the decision as supportive of liquidity-sensitive assets and lower long-term yields making risk assets such as cryptocurrencies more attractive. US spot Ethereum ETFs recorded approximately $697.2 million in net inflows during the week ending Aug. 21, marking their strongest weekly performance of 2026 and forming part of a combined $2.6 billion entering US-listed Bitcoin and Ethereum funds.
The Ethereum Foundation's candidate Glamsterdam schedule aims to triple base-layer throughput by repricing gas to match actual resource consumption, but this repricing mechanism threatens the network's core economic assumptions. EIP-8037 and EIP-8038, both still in formal Review status, model a scenario where a 200 million gas limit pushes annual state growth to roughly 387 GiB, enough to blow past the cited 650 GiB performance threshold within a year. Geth's state database already sat near 390 GiB in January 2026, and the gas limit hike from 30 million to 60 million alone tripled daily state creation from 105 MiB to 326 MiB. Ethereum's official roadmap targets Q4 2026 with no fixed mainnet fork date, leaving a live testing window and a market still deciding whether $2,500 is a floor or a ceiling. Worth watching how EIP-8037's testing outcomes land in the coming weeks, as repricing debates rarely move fast but move markets when resolved.
Ethereum's current $2,490 print sits just below the psychological $2,500 mark, with recent price action pinned inside a tightening range. According to latest analysis, our latest read flags $2,550–$2,600 as immediate resistance, while support layers sit at $2,400–$2,450 and, deeper, $2,200–$2,250. The pivot data placed the upper Bollinger Band near $2,530, a level that's held for over a week now. The daily chart shows ETH trading above the 50% Fibonacci retracement level at $2,453.95, measured from the January high around $3,399 to the June low near $1,509. The next Fibonacci barrier sits at $2,677.04, with a break above that area opening a path toward the 23.6% retracement at $2,953.07, placing the psychological $3,000 level within reach. The daily Relative Strength Index stood at 77.4, above the 70 level commonly used to identify overbought conditions, with the Moving Average Convergence Divergence indicator remaining positive but showing shrinking positive histogram suggesting momentum has started to ease. The Aroon Up indicator stood at 57.14% compared with an Aroon Down reading of 21.43%, with Chaikin Money Flow remaining positive at 0.06.
Crypto trader Daan Crypto Trades noted that ETH needs to extend the rally soon to avoid falling back below the breakout level, warning that failure to push to new local highs by the end of the week could produce a rejection wick. Analyst Ted Pillows identified $2,550 as Ethereum's decisive resistance zone, with a close above that level potentially opening a move toward $3,000. As per crypto.news, the daily Murrey Math setup broadly supports that upside scenario, with a confirmed break above $2,500 placing $2,656, $2,812, and $2,969 on the chart as successive targets. The first two levels represent overbought territory, meaning traders could take profits even if the broader trend remains positive. A weekly close above $2,550 would confirm that buyers retained control after the short squeeze, while a drop through $2,441 would signal that the rally has entered a deeper retracement. The three-day CoinGlass liquidation heatmap shows leveraged positions building on both sides of ETH, with the nearest concentration above ETH lying around $2,540–$2,550, aligning with the horizontal resistance visible on the 4-hour chart, and a larger pool appearing near $2,410–$2,420 if ETH loses the 50% Fibonacci support at $2,454.
