Ethereum Price Explodes 9.5% and Stops 1% Short of THE Level

Ethereum has just delivered its strongest daily gain of the summer, jumping 9.51% to $2,098.70 after opening at $1,916.50 and running as high as $2,112. It outperformed Bitcoin by a wide margin, and it is now sitting 1.13% below the single most important level on its chart.

Why Ethereum Price is up today

Same trigger as the rest of the market: the US Treasury announced it will at least double its long-dated bond buybacks, pushing yields down and the dollar lower in a move analysts labelled "QE Lite." Easier financial conditions send capital back toward risk.

But $Ethereum did not just participate, it led. ETH gained 9.51% while Bitcoin gained 6.20%. That is the point of this article, because in crypto, who leads tells you what kind of move this is.

The setup nobody was watching

Ethereum spent seven weeks doing almost nothing. From early July onward, price ground sideways between roughly $1,800 and $1,950, never breaking out, never breaking down. The daily RSI moving average flatlined near 55.

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