$ETH Ethereum (ETH) is riding a notable rally, surging above $2,800 after an impressive 5–6% rebound this week. It’s currently trading in the $2,800–$2,873 range, marking a 15‑week high as both retail traders and institutions pile in

. The surge is backed by strong macro headwinds—namely cooling U.S. CPI data and progress on a U.S.–China trade pact—which are boosting risk-on sentiment in crypto

On-chain metrics tell a bullish story too: staking has hit record highs, with over 34.6 million ETH locked—about 28–29% of total supply

. Glassnode data shows a recent “bull-flag” breakout, hinting at potential upside toward $3,500+ if momentum holds

. Meanwhile, a major leveraged short on ETH faces liquidation risk, as price is closing in on its upper bracket

In summary, ETH’s trajectory stays firmly bullish—driven by favorable macro signals, strong technicals, deep liquidity, and a supply squeeze from staking.