Ethereum Rockets 25% as Record Short Squeeze Fuels Institutional Buying

Ethereum's recent surge has pushed its price up by approximately 25% since Wednesday, bringing it above several major technical indicators and setting its sights on the $2,431 resistance level.

The cryptocurrency market saw a historic wave of short liquidations, with around $3 billion in forced closures, including roughly $1.2 billion in Ethereum-related losses.

This surge in demand has also been fueled by institutional investors, who have shown renewed interest in spot exchange-traded funds, with US spot Ethereum ETFs recording $219.50 million in net inflows on Thursday.