Ethereum crossed above $2,500 on August 21st, closing above key exponential moving averages and turning this resistance into support. The Coinbase Premium Index surged 60%, indicating stronger U.S. demand, while Fund Holdings reached a weekly high of 5.8 million ETH, worth approximately $14.5 billion. The Estimated Leverage Ratio dropped to 0.73, its lowest monthly level, signaling lower system-wide leverage despite increased bullish positioning. A short squeeze near $2,200 liquidated roughly 276,000 ETH worth $673 million, removing considerable bearish pressure. If buyers defend $2,500, Ethereum could target the next resistance near $3,000.
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