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Ethereum jumps 18% to nearly $2,300 as US Treasury buybacks boost crypto market momentum

Market News
20 Aug 2026
Coinpaper
View Source
Bullish
pluang ai news

Ethereum surged nearly 18% in a sharp breakout, briefly reaching close to $2,300 after weeks of trading sideways around $1,800–$1,950. This rally was driven by the US Treasury doubling its buyback operations for long-term government debt, which lowered yields and boosted risk assets including crypto. The move triggered $1.1 billion in ETH liquidations, mostly from short sellers covering positions. Ethereum now faces resistance near $2,300, with $2,400-$2,500 as the next target if it sustains the breakout, while $2,100-$2,150 serves as key support. The main question remains whether demand can hold after the short squeeze fades.

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