Ethereum Soars 4.8% in 24 Hours! How High Can it Go?

TL;DR

• Ethereum jumps 4.8%, nears $2,800, and hits its highest level in weeks, driven by Bitcoin’s surge to $112,000.
• Over $500M in liquidations hit bearish traders; ETH alone saw $156M liquidated, including $139M from short positions.
• For the first time in months, Ethereum futures volume ($62.1B) surpassed Bitcoin’s, reflecting a shift in speculative focus.

Ethereum (ETH) once again captured the market’s attention after posting a 4.8% gain, nearly reaching $2,800 and touching levels not seen in weeks.

Its rally coincided with Bitcoin breaking past $112,000, lifting the broader crypto market. A mix of institutional demand, large investor accumulation, and a wave of liquidations in leveraged positions defined the trading session.

Wave of Liquidations

In the past 24 hours, more than $500 million in open positions were liquidated, mostly affecting traders who had bet against the market. Ethereum accounted for $156 million of that total, with $139 million coming from shorts. The sudden trend reversal caught many investors off guard, unprepared for the strength of the upward rally. According to Coinglass, liquidations jumped nearly fourfold compared to the previous day.

Ethereum’s trading volume also saw a significant surge, climbing 33% to surpass $27.1 billion. This increase reflects clear interest from institutional investors and large ETH holders. Abraxas Capital withdrew 29,741 ETH, worth $81 million, from Binance and Kraken. Meanwhile, another wallet pulled out over 25,000 ETH from Kraken, and SharpLink Gaming added 5,072 more ETH to its position, bringing its total holdings to over 205,000 ETH.

Ethereum Futures Outpace Bitcoin’s

In addition, the crypto derivatives market saw a notable shift. For the first time in months, Ethereum’s futures trading volume exceeded Bitcoin’s. According to Glassnode, $62.1 billion worth of ETH contracts changed hands in the past 24 hours, surpassing Bitcoin’s $61.7 billion. This move is unusual and suggests a shift in speculative focus toward ETH as traders anticipate asset-specific catalysts.

Currently, ETH holds firm support near $2,500, with immediate resistance at $2,850. If it manages to break above $3,000, it could aim for levels closer to $4,000. Whale activity and mounting pressure in the futures market point to sustained volatility in the coming days