Ethereum Sprints Past Resistance Zone on Macro Factors
Ethereum (ETH) price surged roughly 5% on Thursday, September 4, pushing it to around $2,508 as it tested the $2,560 resistance zone. The rally was driven by macro factors, including easing Iran tensions and falling odds of a Federal Reserve rate hike.
According to analyst Ted Pillows (@TedPillows), ETH tapped the $2,550 resistance again and was rejected. However, he noted that if Ethereum manages a weekly close above this level, it could quickly rally towards $3,000.
The US spot ETH ETFs saw significant inflows on September 3, with net inflows reaching $141.39 million, reversing the prior day's $48 million outflow. BlackRock's ETHA led with $72.07 million in inflows, followed by Fidelity's FETH at $65.11 million.
Short liquidations hit $82.41 million over 24 hours, far outpacing the $20.76 million in long liquidations. This indicates a clear squeeze on short positions as ETH derivatives volume rose 17.84% to $57.18 billion in 24 hours.