Ethereum (ETH) is seeing a major surge, fueled by a wave of short squeezes, rising institutional demand, and strong on-chain signals. In the last 24 hours, \$76M in ETH shorts—part of \$103M total liquidations—have been wiped out, including one trader who lost \$15.81M on a 25× leveraged short and still faces \$3.3M in losses. Analysts say a break above \$4,000 could trigger another \$331M in short liquidations. At the same time, ETH futures open interest has hit a record \$58B, the ETH/BTC pair is above its 200-week EMA, and U.S. spot ETH ETFs have attracted over \$9.5B in net inflows, with a single-day record of \$727M. On-chain data from Glassnode suggests potential upside toward \$4,900, as network growth and liquidity patterns mirror past setups that led to 100% rallies. For traders, momentum is already in motion—watch the \$4K level closely, as a breakout could be big, but any pullback might be sharp.
