Ethereum Price Soars Towards $3,000 Mark as Weekly Close Nears Crucial Threshold
Ethereum's price surge shows no signs of slowing down as it continues to push beyond $2,500. The cryptocurrency traded at $2,519 after recovering from a dip toward $2,490 and reclaiming the $2,500 level.
According to crypto analyst Ted, a weekly close above $2,550 could strengthen the case for an advance towards $3,000. However, the weekly candle is still open, leaving the breakout unconfirmed after Ethereum extended the previous week's sharp recovery.
In addition to its price gains, Ethereum has seen significant inflows into its ETFs, with net inflows totaling $1.185 billion across eight sessions. This demand for exposure through Ethereum ETFs reflects continued confidence in the cryptocurrency's growth potential.
The latest liquidation data shows that short positions account for $106.48 million in liquidations, compared to $43.01 million from long positions, indicating greater pressure on traders positioned for price declines.