Ethereum Rebounds on Short Squeeze and Rising Network Fees

Ethereum rebounded sharply this week, rising from a multi-week base near $1,870 to $2,517 before easing to $2,460.89.

The rally is largely attributed to short liquidations, which averaged $131.0 million over the past week and marked a 1,514% jump from the prior week.

Total network fees increased by 138%, breaking a two-month stretch of compressed activity on the chain, with base fees rising 189% week-over-week and fees burnt climbing 251%.

Binance funding rates also turned positive at 0.01, marking the first sustained bullish tilt in months, while derivatives markets showed renewed leverage building on the long side.