$ETH Ethereum has experienced a significant surge in the last 24 hours, trading around $1,816.52. This represents a substantial increase of over 15%, outperforming Bitcoin and the broader crypto market. The rally is attributed to a squeeze in a heavily shorted market and positive macroeconomic sentiment.
Despite recent outflows from U.S. spot Ethereum ETFs, whale investors continue to accumulate ETH, indicating strong support. Technically, Ethereum was oversold, setting the stage for this rebound. The upcoming Pectra upgrade on May 7th is also anticipated to provide further upward momentum. Futures liquidations showed more short positions being closed than long positions.
