Ethereum Surges Past $2,800 as ETF Inflows and Shorts Fuel Rally
Ethereum has surged nearly 2% over the past 24 hours, reaching $2,800 after a strong rally. The cryptocurrency's price increase was fueled by improving technical and on-chain indicators, as well as increased trading activity and exchange-traded fund (ETF) inflows.
The latest rally strengthens the argument that Ethereum's previous bearish cycle ended when it fell to approximately $1,550. Since then, $ETH has recovered sharply and broken out of a bullish continuation pattern, putting the next major upside target near $3,400.
Ethereum trading activity surged as shorts got liquidated, with total crypto short liquidations reaching $924 million on Monday, their highest level since August. Ethereum accounted for roughly one-fifth of those liquidations, which can add momentum to a rally but also produce considerable volatility.