Ethereum climbed above $2,200 on Wednesday for the first time since June 2, 2026. The move came as a broader crypto market rally pushed Bitcoin close to $70,000 and triggered a wave of short liquidations across the market.
ETH started the session around $1,905 before surging to an intraday high near $2,103. The token settled around $2,080, representing a gain of roughly 8% over 24 hours.
The rally was partly driven by the US Treasury’s decision to increase long-term bond buybacks. Investors read this as a boost to market liquidity, which lifted Bitcoin and other risk assets.
BREAKING: The US Treasury announces it will double the size long-term US government debt buybacks following the rapid surge in US Treasury yields.
Repurchases of $2 billion will now be increased to "at least" $4 billion, the US Treasury said.
The move is intended to provide…
— The Kobeissi Letter (@KobeissiLetter) August 19, 2026
Bitcoin surged above $68,000 and peaked near $69,700, its highest level in more than two months. BTC gained around $4,400 in just 50 minutes as traders rushed to close bearish positions.
According to CoinGlass data, around $1.55 billion in short positions were liquidated within a single hour. Over 24 hours, total liquidations across the crypto market reached approximately $2.99 billion, with around 114,038 traders caught in the move.
The largest single liquidation was a $32.18 million ETHUSDT perpetual position on Bitget. Solana, BNB, Dogecoin, and Cardano all gained ground as sentiment improved.
Spot Ethereum ETFs recorded $71.47 million in daily net inflows during the session. Total ETF assets reached $10.83 billion, pointing to growing institutional interest in ETH.
The continued ETF demand gives the rally a firmer base compared to moves driven purely by derivatives activity.
Ethereum’s open interest in derivatives also jumped by nearly 10% in less than 24 hours. This shows leveraged traders were adding positions as the price broke higher.
Analyst Daan Crypto Trades noted on X that the large daily candle ending consolidation at this price region gave him “the same vibes as last year.” He pointed out that the last time a similar candle appeared, prices added another 20% over the following two days, though he was careful to note it was a comparison, not a prediction.
$ETH This massive daily candle to end the consolidation at this exact same price region is giving me the same vibes as last year.
Obviously it is just a comparison and unlikely for the price action to be the same afterwards but it was still worth pointing out for the sake of it… pic.twitter.com/mkBGR4aY80
— Daan Crypto Trades (@DaanCrypto) August 19, 2026
ETH moved through $1,960, $2,000, and $2,050 in a single candle before hitting resistance near $2,100.
The Relative Strength Index stood at 87.41, placing ETH firmly in overbought territory. The Chaikin Money Flow was 0.62, showing strong capital inflows behind the move.
A four-hour close above $2,100 could open the path toward $2,120 and then $2,160. Breaking $2,160 with volume could bring the $2,200 level into focus.
Ethereum has gained 31.1% in Q3 2026, more than reversing its 25.3% decline in Q2. That puts ETH on course for its first positive quarter of the year.
Spot ETF total assets stood at $10.83 billion as of the session close.
The post Ethereum (ETH) Price: Breaks $2,200 for the First Time Since June as Short Squeeze Fuels Rally appeared first on CoinCentral.
