Ethereum Surges Past $2,500 as ETF Inflows and Short Squeeze Send Prices Soaring
Ethereum (ETH) has broken above $2,500 after a strong week of ETF inflows and a record short squeeze. The token traded near $2,507 on August 27, up roughly 7.8% from its opening price of $2,326 on August 21.
The rally started after the US Treasury announced that it would double the size of its long-end bond buybacks, which markets read as supportive of liquidity-sensitive assets like crypto. A massive short squeeze then hit the market, with nearly $3 billion in leveraged positions liquidated in 24 hours, mostly bearish bets.
The total stablecoin market cap grew by roughly $4.1 billion over the past two weeks, the first expansion since mid-May. Analyst Ted Pillows flagged $2,550 as the key resistance level, with a daily close above it potentially triggering a 10-15% rally and opening a path toward $3,000.