Ethereum (ETH) has experienced notable price activity over the past several days, with multiple tests and confirmations of key technical levels. Starting from August 18, 2025, ETH showed attempts to confirm a four-hour breakout/reversal (b/r) combination, with continued testing of the exponential moving average (EMA) on daily and hourly charts. By August 19 and 20, ETH was observed bouncing off EMA support levels and attempting to reverse on shorter timeframes. On August 22, ETH surged sharply, gaining approximately 10% within 15 minutes and 8% in the last hour, prompting speculation about a potential move towards $5,000. Market analysts and observers noted the possibility of ETH reaching an all-time high (ATH) within 24 hours, supported by a 13% gain on the day reported by Fundstrat. The price action included retesting crucial breakout levels, with optimism building around ETH's breakout potential and approaching new highs.