Ethereum surged to $2,725 amid a $313 million Bitcoin short liquidation event, with traders now eyeing a daily close above $2,800 to confirm sustained bullish momentum.
Ethereum surged 5.4% to $2,725, breaking above the key $2,672 Fibonacci level intraday, though the weekly close remains below the trigger, with a potential path toward $3,000 if a daily close above $2,800 and weekly close above $2,672 occur.
Bitcoin led a short squeeze, soaring from $84,000 to $85,257 and liquidating $313 million in positions, which pulled the broader crypto market higher.
XRP increased by 6.4% as part of the broader crypto market rally driven by the Bitcoin-led short squeeze.
Solana gained 6.6% alongside other cryptocurrencies during the market-wide short squeeze, reflecting general momentum rather than asset-specific news.
Ethereum climbed 5.4% to $2,725, tracking a broader crypto market surge triggered by a massive Bitcoin-led short squeeze. While the asset breached the critical $2,672 Fibonacci resistance level intraday, analysts note that a sustained weekly close above this mark is required to confirm a path toward the $3,000 target.
The $2,672 level is a key Fibonacci retracement point; analysts believe a weekly close above this threshold is necessary to signal a sustained breakout toward the $3,000 resistance zone.