- ETH broke above $4,900 in a strong rally but reversed sharply within 30 minutes.
- A steep drop followed after bullish momentum showed signs of exhaustion near $4,960.
- Market volatility surged with no support levels holding during the rapid correction.
Ethereum’s intraday rally took a dramatic turn as prices soared to $4,960 before plummeting $180 in under 30 minutes, triggering a wave of panic across crypto markets.
ETH Spikes Above $4,900 Before Brutal Reversal
On 24th of August Ethereum’s 10-minute chart from Binance’s perpetual contract showed early consolidation before a slight morning dip near $4,720. By 14:30, the market turned bullish, posting steady higher highs and lows.
Momentum picked up sharply at 16:30, pushing ETH past $4,900 by 18:00. Traders piled in as bullish candles dominated, briefly sending the price near $4,960. Sentiment hit a high as traders declared, “We’re so back.”
But the excitement quickly faded. A sharp reversal struck just after 19:30. A long bearish candle dragged ETH down by nearly $100 in minutes. Multiple black candles followed, crashing the price below $4,800. By 20:00, Ethereum traded at $4,779, wiping out most of the rally.
As at press time, Ethereum (ETH) is trading at $4,630.92 with a 2.90% decline over the past 24 hours but remains up 8.49% over the last 7 days.
Volatility Surges as Gains Vanish in Minutes
The sudden downturn erased over $180 from the session’s high. Candle size during the crash signaled intense selling pressure, likely driven by rapid profit-taking and liquidations.
No consolidation zones or supports held during the drop. The reversal unfolded over just three large candles — an indication of strong bearish sentiment. The aggressive price action points to significant market activity during the correction.Throughout the day, the mood flipped sharply.
Broader Outlook Suggests Bullish Structure Intact
Despite the drop, some analysts remain bullish.Crypto enthusiasts Cas Abbé on X stated that the $ETH bull flag target is still active. He noted large liquidity shifts from Bitcoin into ETH and predicted that ETF inflows and institutional interest could push Ethereum past $5,000 within days.
On the macro view, ETH has broken out of a multi-year symmetrical triangle, as seen on the Binance monthly chart (2020–2026). The breakout above long-term resistance is confirmed, with projections pointing to $6,000–$8,000 based on pattern size.
This wider trend suggests that while the intraday volatility was severe, it may represent a brief shakeout within a larger bullish structure. The breakout is Ethereum’s first sustained move above multi-year resistance since the 2021 peak.
