Ethereum jumped roughly 20% in the past 24 hours a move large enough to rank as the 8th-biggest single day for the token since January 2018. Historical data compiled by analyst Jamie Coutts suggests such moves have been unreliable over 30 days but have produced better results over three to six months.
Sizing Up This Epic ETH Leap 🕸️
Coutts published a table of every ETH day that gained 15% or more since 2018 sixteen of them completed and now trackable against what came after. Ethereum’s August 19 print landed at plus 18.5% just behind an 18.8% day in November 2022 and ahead of a 17.5% day in December 2018. The biggest on record is still May 2021’s 24.5% single-day gain which was followed by a rough month down 25.3% in 30 days before turning positive by 180 days up 68%. That pattern repeats across the dataset. Of the sixteen completed cases only 8 were higher 30 days later but 10 were higher after 90 days and 12 were higher after 180 days. Average returns climbed the same way plus 20.6% at 90 days plus 59.3% at 180 days. Coutts summed it up on X saying the numbers show odds that skew meaningfully higher over the next 3 to 6 months 🖤. At the time of writing ETH was trading near $2,280 after going past $2,300 during the last 24-hour period. CoinGecko data shows a nearly 18% daily gain an almost 19% rise over seven days and a just about 17% increase over 30 days. Its 24-hour trading volume has climbed to about $32 billion up 439% from the previous day. That move also puts ETH well ahead of Bitcoin over the same period. BTC gained about 9% in 24 hours and slightly more than that in seven days with Ethereum’s stronger performance lifting the ETH/BTC ratio by about 9% over the latest 24-hour period. Meanwhile the buying pressure was unusually large as noted by CryptoQuant contributor MorenoDV_ who reported that ETH taker-buy volume reached $2.55 billion in one hour on August 19 the third-highest reading since February 7. However the figure does not distinguish between new long positions and short positions being closed.
ETH Bounces Back Amid Policy Vibes 🦇
Sykodelic wrote on August 20 that ETH had moved back above its 200-day simple moving average before Bitcoin. The trader had also earlier identified the $2,400 area as the next major range level. The wider rally came after the August 19 White House crypto meeting where President Donald Trump pushed Congress to advance the CLARITY Act leading to Bitcoin spiking toward $70,000. The SEC’s August 18 crypto fundraising proposal added another policy catalyst. It includes exemptions for offerings of up to $5 million over four years or $75 million over 12 months alongside a conditional safe harbor for certain tokens 🌙.
Just another echo from the void by iconofsin.eth 💖
