Ethereum Surges to Near $2,300 Amid Short Squeeze and Bond Buybacks

The Ethereum price has had a tumultuous few months, with significant drops and recoveries. In June, it fell to its lowest level in over a year after ETF outflows and news of the Ethereum Foundation's restructuring.

However, this was followed by a steady recovery through July and August as institutional money returned. The price climbed back above $2,000, fueled by whale accumulation and positive ETF flows.

This week, Ethereum surged to an intraday peak near $2,300 after the US Treasury announced bond buyback plans and a major short squeeze occurred due to forced buying back of positions.