In a sudden and unusual move, the Ethereum (ETH) currency jumped by 20% within just 24 hours, settling at a level of $2,209 at the time of writing this report, marking one of its strongest short-term upward waves since the beginning of the year.
This remarkable rise was bolstered by a surge in trading volumes, particularly in the derivatives market, where the futures trading volume increased by 184%, according to Coinglass data. The open interest for Ethereum futures also grew by 20%, indicating the entry of new capital and the establishment of strong buying positions, reflecting increasing confidence among traders about the potential for the upward trend to continue.
Widespread short position liquidations, exceeding $265 million, contributed to the positive momentum, as price explosions forced speculators to buy to cover their positions, leading to an acceleration in the rise.
Despite Ethereum's 54% increase over the past month, it is still down 26% since the beginning of 2025. However, recent technical movements open the door to broader recovery possibilities, according to observers.
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