Brief Overview
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Ethereum experienced a 6% increase, reaching $2,719, exceeding the crucial $2,672 Fibonacci level during the session, although it closed the week on September 20 at $2,644, falling short of this benchmark.
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A short squeeze in Bitcoin triggered the liquidation of $300 million in short positions within an hour, elevating ETH and the wider cryptocurrency market, rather than boosting Ethereum alone.
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For Ethereum to advance into the range of $2,950 to $3,000, it must secure a daily close above $2,800, along with a positive finish in the weekly close on September 27.
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Ethereum (CRYPTO:ETH) is currently trading at $2,725, marking a 5.4% rise over the last 24 hours, a 7.6% increase for the week, and a 12.6% surge over the past month, resulting in a market cap of around $332.5 billion.
Ethereum’s price crossed the important $2,672 level, which has been closely monitored by traders for nearly a month. This follows a week where Ethereum closed at $2,644, just shy of this critical value.
Ethereum Surpasses $2,672 Intraday, Yet Misses the Weekly Close
The $2,672 mark is identified through Fibonacci analysis, a technique used by traders to determine potential support and resistance levels. This Fibonacci benchmark has been a focal point for Ethereum, oscillating around this price for several weeks now.
Analysts had indicated that a weekly closing above $2,672 would suggest a possible run toward the $3,000 figure. Unfortunately, Ethereum closed the week of September 20 just $28 shy of that threshold, finishing at $2,644.
Since an intraday peak is viewed differently than a final weekly close, today’s rise is part of a developing story. For traders, a daily close above $2,800—a mere 2.8% higher than the present price—would signal sustained upward movement for Ethereum following the squeeze. Additionally, the upcoming weekly close on September 27 will be crucial to determining if $2,672 is indeed reclaimed.
Bitcoin’s Short Squeeze Fuels Ethereum’s Price Surge
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The recent surge began with Bitcoin (CRYPTO:BTC), which escalated from $84,000 to $85,257 on September 21. CoinGlass reports that an astonishing $313 million in positions were liquidated during that hour, with 96% attributed to short trades. A short liquidation occurs when exchanges must buy back coins when traders’ opposing bets do not pan out. This creates upward momentum as each forced purchase generates additional demand.
