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Ethereum tops $2.4K as analyst eyes $3K target
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Ethereum tops $2.4K as analyst eyes $3K target

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  • Ethereum (CRYPTO:ETH) surged above US$2,400 on Friday, breaking that level for the first time in over three months and recording a gain of more than 28% over the preceding four days, reaching an intraday high of US$2,446.
  • Cryptocurrency analyst Ted Pillows stated that a confirmed weekly close above US$2,450 would reinforce Ethereum's (CRYPTO:ETH) upward trend and provide a technical pathway towards the US$3,000 level.
  • The Relative Strength Index on the four-hour chart reached 93.56, placing Ethereum (CRYPTO:ETH) deep in overbought territory, whilst the MACD line at 124.59 remained above its signal line at 100 with a positive histogram of 24.59, indicating continued bullish momentum.

Ted Pillows identified US$1,965 as Ethereum's (CRYPTO:ETH) first major support level, representing the area where buying interest could re-emerge if the asset faces renewed selling pressure following the rapid rally.

Bitcoin (CRYPTO:BTC) was trading at approximately US$74,700 at the time of reporting, having previously surged past US$78,000, with technical momentum pointing towards a US$80,000 target.

XRP (CRYPTO:XRP) also recorded a gain of nearly 30% over the same period, with technical momentum pointing towards a US$1.50 target amid the broader cryptocurrency market surge.

The total cryptocurrency market capitalisation climbed 6.82% in 24 hours to reach US$2.59 trillion, supported in part by the US Treasury's decision to increase debt buyback operations, which traders interpreted as a positive signal for risk appetite.

US spot Bitcoin (CRYPTO:BTC) ETFs recorded net inflows of US$606 million on 20 August 2026, marking a fourth consecutive positive session, whilst spot Ethereum (CRYPTO:ETH) ETFs attracted US$221 million in net inflows on the same day, extending a four-day inflow streak.

Combined spot Bitcoin and Ethereum ETF inflows reached US$827 million in a single session, reflecting sustained institutional demand that has supported the broader market rally.

Analysts cautioned that despite the strong breakout, volatility remains elevated and a failure by Bitcoin (CRYPTO:BTC) or Ethereum (CRYPTO:ETH) to hold above key resistance zones could result in consolidation or a retest of support levels.

At the time of reporting, Ethereum price was $2,396.28.

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