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ETH Ethereum rebounds 30% after market sentiment drops to freezing point: Where is the next key resistance level?
Ethereum rose more than 5% on Friday, continuing its previous rally and hitting $2420 for the first time in months. With ETH currently trading above $2380, new data shows multiple signals have appeared in sync before this sharp rise.
This rebound has brought the US$4700 resistance into focus. If it can break through, it may open up space for subsequent targets-US$10000, US$15000 or even US$20000.
The next major test
According to the latest analysis from Sanitation, Ethereum's market sentiment index fell to a three-month low on August 17. Its seven-day weighted sentiment average fell to its lowest level in at least three months and turned negative. Two days later, ETH prices rose sharply.
On August 18, Sanitation's "ETH whale sell" abnormal signal was triggered only once, involving approximately US$7.55 million, compared with five similar incidents per week in the previous two weeks. At the same time, the number of ETH held by the exchange dropped to approximately 6.54 million, the lowest level at this stage.
Macroeconomic factors then began to dominate the market: the U.S. Treasury expanded the scale of long-term bond buybacks, followed by a record wave of short-term contract liquidations. The analysis platform pointed out that negative market sentiment was not the cause of the rebound, but it left a large number of short positions on the rebound path.
The breakthrough prompted MN Fund founder Michaël van de Poppe to expect further gains, but he also said that cryptocurrency assets may experience some consolidation after recent trends. He believes ETH can continue to rise as long as it stays above $2000. Its short-term upside target includes $2465 and may even reach $2900. The market commentator added that if prices hit higher highs, it would mark the end of the bear market.
Higher targets come into view
Crypto Patel's chart brings long-term upside into view. Ethereum has risen more than 55% from the $1500 accumulation area highlighted in its analysis. At present, US$4700 has become a key resistance level and breakthrough point. If the asset can exceed this level, the analysis points to potential targets of $10000,$15000 and $20000.
Axel Bitblaze has also seen familiar patterns in ETH's recent trend. The analyst pointed out that Ethereum hit a bottom near $1500 in April 2025, then lingered below $1950 for several weeks, before launching a surge towards $2400. Given that current price movements follow a similar path, the analyst expects some sideways consolidation, adding that the token could experience another correction before rising again.
On the institutional side, the U.S. spot Ethereum ETF is also attracting new capital inflows. These funds add another positive signal to assets. On August 20, total net inflows exceeded US$220 million, compared with US$189 million the day before.
