Ethereum surged 6% to $2,719, breaking above the key $2,672 Fibonacci level intraday, though its weekly close on September 20 came in at $2,644, below the trigger. The move was driven by a Bitcoin-led short squeeze that force-liquidated $300 million in short positions in one hour, pulling Ethereum and the broader crypto market higher rather than reflecting Ethereum-specific demand. Ethereum is trading at $2,725 today, up 5.4% in 24 hours, 7.6% for the week and 12.6% over 30 days, for a market capitalization of about $332.5 billion. A daily close above $2,800 and the September 27 weekly close are the two remaining gates before the zone between $2,950 and $3,000 opens, while a drop below $2,616 would bring support at $2,600 and $2,405 back into play. The next key event on Ethereum's calendar is the Glamsterdam Sepolia test on October 6, a rehearsal for an upcoming network upgrade.
EthereumEthereum rose 6% to $2,719 as a Bitcoin-led short squeeze force-liquidated $300M in shorts, lifting the broader crypto market rather than reflecting Ethereum-specific demand.
