Ethereum (ETH) Price: Breaks $2,200 for the First Time Since June as Short Squeeze Fuels Rally
TLDR
- Ethereum broke above $2,200 on August 19 for the first time since June 2, 2026
- ETH gained 8% in 24 hours, reaching an intraday high near $2,103
- Bitcoin surged toward $70,000, triggering over $1.23 billion in short liquidations
- Spot Ethereum ETFs recorded $71.47 million in daily net inflows
- ETH’s RSI hit 87.41, putting it deep in overbought territory
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.
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