Ethereum has broken out of a prolonged consolidation range, surging nearly 15% to reclaim the $2,200 level for the first time since May. The move was accompanied by a massive spike in trading volume and significant large-wallet accumulation, pushing the asset past short- and medium-term moving averages.
On August 19, Ethereum taker buy volume reached $2.55 billion within a single hour, representing one of the largest hourly bursts recorded in approximately 193 days. Market participants actively crossed the spread to secure exposure, consuming available sell liquidity and pointing to strong buyer aggression.
Data also highlighted substantial purchase activity from major entities during the rally. Reported transactions included Binance acquiring 200,380 ETH, Wintermute buying 192,617 ETH, Moonwell picking up 165,934 ETH, Coinbase purchasing 115,204 ETH, and OKX accumulating 97,180 ETH.
Following a double-bottom base near $1,600 in June and a recovery through the $1,900–$2,000 region, the latest breakout has brought the $2,400–$2,500 supply zone into focus. Analysts note that the Relative Strength Index (RSI) has moved above 80, indicating short-term overbought conditions following the 15% surge. Sustaining the $2,200 level remains critical for maintaining the current bullish structure, while a decisive move above $2,500 could expose higher targets near $2,800.
