TLDR
- ETH surged past $2,100 to reach a 4-week peak of $2,192 amid broader market strength
- Short liquidations totaled more than $133 million within 24 hours, sparking a squeeze
- Spot Ethereum ETFs attracted $169.4 million in a single trading session, signaling institutional interest
- Open interest climbed nearly 15% to 13.43M ETH, marking the highest level since January 31
- Critical resistance zone lies at $2,150–$2,200; clearing it could open path to $2,400 and $2,750
Ethereum (ETH) has pushed back above the $2,100 threshold this week, touching a 4-week peak of $2,192 as momentum returned to the cryptocurrency market.
The upward movement gained support from emerging reports suggesting potential diplomatic progress between the U.S. and Iran, which boosted sentiment across risk-on assets globally.
Bitcoin spearheaded the advance, crossing back above $73,000 for the first time since early February. ETH tracked this momentum, posting gains exceeding 11% within a 24-hour window.
Trading activity for ETH increased by 24% during this timeframe, representing approximately 12% of the token’s circulating supply by market value.
This price surge forced numerous short positions to close. Data from CoinGlass shows more than $133 million in bearish bets got liquidated within 24 hours, while long liquidations reached only $21.5 million.
Short liquidations reached their most elevated point since February 24, climbing to $430 million. Approximately $100 million of those liquidations involved ETH positions specifically, indicating a powerful short squeeze mechanism at work.
Institutional Demand Returns
Spot Ethereum ETFs captured $169.4 million in net inflows during a single trading day, based on information from Farside Investors. This activity indicates institutional participants entered positions during the price advance.
Open interest across ETH derivatives markets jumped nearly 15% to reach 13.43M ETH — the strongest reading observed since January 31. This metric has expanded by 1.2M ETH over the preceding two weeks.
Funding rates currently show slight negative values at press time, though market observers suggest a transition toward positive rates would validate renewed bullish conviction.
Technical Levels to Watch
Looking at the daily timeframe, Ethereum has developed a double bottom formation. The neckline of this pattern rests at $2,200, representing a significant psychological barrier.
A decisive move above $2,200 would likely propel ETH toward $2,400, corresponding with the 38.2% Fibonacci retracement zone.
The RSI currently registers at 53, positioned above the midpoint, validating strengthening momentum following oversold territory in prior weeks.
The MACD indicators have completed a bullish intersection, while the Aroon Up reading came in at 92.86%, substantially higher than the bearish measurement of 35.71%.
ETH’s realized price — representing the aggregate on-chain acquisition cost for all holders — hovers around $2,300. Approaching this threshold may trigger selling pressure as market participants aim to reach break-even levels.
Nearby support exists at $2,108, where current price action intersects with the 20-day EMA. Falling beneath this level would expose $1,741 as the next downside target.
ETH was changing hands at $2,117 at press time, sitting just 1.1% below the 23.6% Fibonacci marker at $2,142.
