Ether's Four-Day Run to a Four-Month High Near $2,400

Ether printed its highest price in roughly four months on Friday. How high depends on the tape: above $2,430 at BeInCrypto, $2,446 at CoinGape — and the weekly gain reads 29%, 28% or 23.82% depending on the outlet's window, figures that do not agree. The distance covered is not in dispute. On Tuesday ether was $1,905.74, still under its 200-day average and coming off a week in which its ETFs lost a net $2.25M. Four sessions later the coin has a billion-dollar short squeeze, $512.25M of ETF inflows and a reclaimed 200-day line behind it.

Four hours on Wednesday did the heavy lifting

The spark was macro. Late Wednesday the U.S. Treasury said it would at least double its long-dated bond buybacks to $4B per operation from 9 September; long yields fell, and bitcoin ran first, through its first $1B short-liquidation day. Ether moved later and harder. CoinGlass data carried by Bloomingbit that evening showed $736.53M of ETH shorts liquidated in four hours, 92% of the market's four-hour total, with ether up 18.52% in 24 hours against bitcoin's 7.08%. By Thursday the rolling 24-hour ETH short tally reached $1.02B, per Invezz citing CoinGlass, against $104.16M of longs. Longs were a rounding error all week.

The handoff to the ETFs

Wednesday's session brought ether ETFs $189.15M in net inflows, the largest daily figure since October 2025, with BlackRock's ETHA at $122.12M, Fidelity's FETH at $36.54M and Grayscale's Mini at $16.04M. Thursday topped it at $220.77M, the strongest day since 28 October 2025, with ETHA taking $173.3M and $35.90M going to ETHB, the staked-ether fund BlackRock launched in March. The issuer lines sum to about $219M, a little short of that headline. Four straight positive sessions now total $512.25M, and net assets of $13.58B are the highest since 11 May. Friday's flow number is pending. CoinDesk's daybook put weekly inflows at their highest since October "with Friday data pending," and we will not print a figure before the issuers report one.

A ratio at 0.03 and a spread of Friday prints

The 200-day EMA, which Cryptoticker pegged at $2,122.40 on Wednesday, had rejected ether all summer. Thursday's opening drive broke it. The ETH/BTC ratio is now testing 0.03 from above its 50-week EMA, and CoinDesk's Friday daybook wrote that a break higher "likely points towards a sustained outperformance for ETH over its larger rival." Tom Lee, chairman of BitMine, flagged the turn in the firm's 17 August update: "We are encouraged to see the ETH/BTC ratio at 0.02994 and rising." Where ether actually stood on Friday depends on the hour: $2,422 at BeInCrypto's press time, about $2,409 at Finbold and CoinGape, $2,370 at CryptoRank. With the intraday highs, the prints span $2,370 to $2,446. They do not reconcile into one number.

The case against, and the line overhead

James Butterfill, head of research at CoinShares, called it "primarily a macro story rather than a crypto specific one" in CoinDesk's Friday daybook. The overbought readings agree: crypto.news measured a daily RSI of 83.25 on Thursday, and CoinGape had the four-hour RSI at 93.56 on Friday, both far above the conventional 70 threshold. Leverage rebuilt fast too. Predicted funding rates hit 0.013%, the highest since January per CoinDesk, and ETH open interest sits near $30.6B; Axel Adler Jr. of CryptoQuant said of the broader move that "price is rising faster than new positions are being built." The Coinbase premium, a gauge of US spot demand, never turned positive through the entire advance, per Benzinga.

"With accumulation by large holders still modest in scale, the market lacks the depth of conviction that typically underpins a durable breakout," Butterfill said.

BeInCrypto's wallet tracking, which no second outlet has confirmed, has the "7 Siblings" group selling 14,000 ETH into the pop at a $2,346 average; that is reported, not verified. And even at $2,410, ether is still roughly 51% below its August 2025 all-time high. Next overhead is $2,450, the zone Ted Pillows told CoinGape could open a run at $3,000 on a weekly close, with thinner weekend liquidity ahead and Friday's ETF print still to land.