Crypto Market Update August 17: Ethereum Reclaims $1,900 as PUMP, HYPE Rally Despite Weak Sentiment

The crypto market is up slightly today, August 17, with Bitcoin (BTC) price trading at $63,500 despite Glassnode noting that the market sentiment has dropped to an all-time low.

Altcoins also show a mixed outlook today, with Ethereum (ETH) surging to $1,910 before dropping to trade at $1,902 at the time of writing. PumpFun and Hyperliquid (HYPE) are defying the weak market sentiment with over 3% gains.

Crypto Market Outlook Today as Sentiment Weakens

The crypto market is moving in a narrow range today, with the total market cap gaining by only 0.98% to $2.18 trillion at the time of writing.

Data from CoinMarketCap shows that all of the top ten cryptos apart from Binance Coin (BNB) are trading in the green, albeit the gains being minimal.

HYPE is the biggest gainer among the top ten cryptos today, after rising by 4.12% to trade at $59 at the time of writing.

PUMP price today is also an outlier after the price gained by 5% to trade at $0.0028 at the time of writing.

HYPE and PUMP are gaining despite a recent report by Glassnode noting that the confidence of US consumers has dropped to an all-time low.

The on-chain analytics platform noted that this weak sentiment has led to consumers abandoning cash and pouring their money into equities and AI stocks. However, Bitcoin and the crypto market have been neglected in this ongoing rotation.

The weak sentiment also comes despite reports that the US and Iran have decided to extend the 60-day ceasefire deal set to expire today, August 17. coincides with uncertainties around whether the US and Iran will negotiate another ceasefire deal after the existing one expired today, August 17. Iran has already refuted claims that the ceasefire will extend, as earlier reported by CoinGape.

Still, these escalating tensions have not caused major declines across the crypto market today after the geopolitical risks were overshadowed by a dovish outlook from Goldman Sachs.

As CoinGape reported, the investment bank has warned that the Fed will not hike rates in September, with the Fed interest rate prediction markets showing there is only a 25% chance that the Fed will hike rates.

Crypto Market Data Today

• Total crypto market cap: $2.18 trillion (+0.93%)
• 24-hour trading volumes: $39.82 billion
• Bitcoin: $63,537 (+0.96%)
• Ethereum: $1,902 (+1.27%)
• XRP: $0.99 (+0.08%)
• Bitcoin Dominance: 58.5%
• Ethereum Dominance: 10.5%
• Altcoin Season Index: 47/100
• Fear and Greed Index: 31 (Fear)

Crypto Derivatives Volumes Surge 72% After Weekend Slump

Data from CoinGlass shows that the total derivatives volumes in the crypto market have increased by 72% to $96 billion at the time of writing. Bitcoin’s futures volumes on Binance stand at $7.04 billion, while Ethereum’s volumes on the exchange stand at $5.26 billion.

The total crypto market open interest is also up by 2.7% today, August 17, to $119 billion at the time of writing.

The amount of liquidations across the market has also increased by 253% to $136 million per CoinGlass data. Short liquidations have topped $80.9 million, while long liquidations have reached $55.5 million.

Short positions are also rising and taking over from long buyers who dominated the crypto market over the weekend. The long taker buy/sell reading has dropped from 64% on August 16 to 51% at the time of writing, while short volumes now dominate 48% of the crypto derivatives market today.

Ethereum Price Outlook Today as Bulls Reclaim $1,900

The four-hour chart shows that the price of Ethereum has created its biggest four-hour candle since August 12. The volume histogram bars that are green suggest that the surge comes from an increase in buying pressure.

The RSI reading of 66 suggests that the momentum is favoring bulls, and the uptrend could continue.

Still, Ethereum needs to close above the resistance at $1,917 to confirm that bulls have a good grip. If ETH moves above $1,917 with three green candles, the price could target the obstacle at $1,980 next.

However, if Ethereum fails to close above $1,917 as it has done before, the price could drop to the lower Bollinger band at $1,867.

HYPE and PUMP Lead Altcoin Gains

The price of HYPE has reached $59 for the first time since July 27. The volume histogram bars that have been green for three straight days suggest that the gains come from an increase in buying pressure.

HYPE price has also created a double bottom pattern that often supports a bullish long-term Hyperliquid price outlook. HYPE has also moved above the resistance of this pattern to suggest that a bullish reversal could be underway.

If HYPE price closes above $58, the price could register the same 13% gain it has made since July 27 and reach $65.

PUMP has also outperformed the broader crypto market in August 2026, with the price gaining by 40% since August 1 to trade at $0.0029.

PUMP’s gains come amid constant buybacks of PUMP tokens using the revenue generated on the PumpFun launchpad. These buybacks have attracted buyers to the PUMP token, with the token even reaching overbought levels on August 13.

However, the RSI reading of 69 shows that the rally has cooled off, creating room for PUMP price to move to the 123.6% Fib of $0.0034.

Catch up on yesterday’s key developments and the coins that made the biggest moves in our Crypto Market Update August 16.