ETH Breakout Sends Price to $2,300 as Treasury Buybacks Boost Crypto

Ethereum's price surged nearly 18% on Wednesday, briefly approaching $2,300 after weeks of sideways trading. The token had spent much of the past month stuck in the $1,800-$1,950 range.

The rally triggered roughly $1.1 billion in ETH liquidations, with short positions accounting for most of the losses as bearish traders were forced to buy back into the rising market.

The broader crypto rally accelerated after the U.S. Treasury doubled several planned buyback operations for long-dated government debt from $2 billion to at least $4 billion. This pushed long-term Treasury yields lower and boosted risk assets, benefiting crypto sentiment as well.

Ethereum has returned to an important on-chain area near its realized price of around $2,300, which represents the average cost basis of ETH moved on-chain and can act as resistance after prolonged market weakness. A sustained break above this level would strengthen the recovery case and put $2,400-$2,500 in focus.