Ethereum Price Surges to $2,667 Amid Whale Activity and Short Liquidations

Ethereum's price has been gaining momentum after a sharp move following the recent CPI release. The token surged from around $2,433 to $2,667, putting the $2,700-$2,800 region back in focus.

The rally was accompanied by a nearly 14% rise in transactions above $1 million, indicating increased whale activity. This volatility is also attributed to the $250 million in ETH shorts that were liquidated during the surge.

The breakout structure of Ethereum's price chart shows a recovery from a prolonged consolidation before accelerating higher. The token has now broken through the upper portion of its recent range and is approaching the next major supply area around $2,700-$2,800.

If Ethereum can hold above this region, it would strengthen the breakout structure and bring $3,000 back into the picture. However, a deeper decline back into the previous range would weaken the breakout thesis.