Ethereum broke above $2,000 for the first time in over two months, peaking at $2,112 following a U.S. Treasury announcement to double bond buybacks to $4 billion.
Key Takeaways
Driven by a $4B Treasury buyback news, ETH surged past $2,000 on Aug. 19 to an intraday peak of $2,112.The market rally pushed altcoins past $1T cap, with ZEC jumping 9% to $557 alongside gains in XRP and SOL.Analyst Michaël van de Poppe eyes targets up to $2,900, noting higher highs signal the end of bear markets.The digital asset’s nearly 10% jump lifted ETH’s market capitalization from under $230 billion to $251 billion. The surge also pushed the total market cap for altcoins above $1 trillion for the first time in nearly a month.
“I don’t think it will stall — not at all — but after such a move, I’d much rather see it consolidate for a little,” van de Poppe remarked, adding that he is looking to buy dip opportunities. “As long as this remains above $2,000, the markets should expect a continuation towards $2,250, a $2,465 high, and potentially even $2,900 as a target zone. If we’re going to make a higher high, the bear markets are over.”
Other notable gainers included HYPE, XRP, and SOL, which all jumped more than 6%, and XLM, which rose 7.5%. A handful of altcoins bucked the upward trend alongside XMR, including LEO, down 2%, and TRX, down 0.7%.
