Ethereum reaches an all-time high after 1,381 days! Will it drop back to 3,500, or soar to the sky 🚀🚀

Ethereum touched $4,868, reclaiming its historical peak after nearly four years of market consolidation.

Despite the explosive rise in ETH price, CME's net short position still reached a record high of -18,438.

The ETH/USDT monthly chart shows that Ethereum's price on the Binance platform has rebounded to the historical high of $4,868. It has been exactly 1,381 days since it last reached this level during the bull market of 2021.

At the beginning of 2024, Ethereum began to show stronger upward momentum. In the first two quarters, Ethereum's price continued to rise for several months. After a mid-year pullback and breaking through $3,500, Ethereum's upward trend continued into 2025.

The latest monthly candlestick chart confirms ETH's overall recovery. Ethereum surged from $3,698 to $4,868, ultimately closing at $4,837.61, an increase of 30.80% within a month. This is the strongest monthly gain in recent years and confirms that ETH's valuation has returned to peak levels.

Despite the price surge, institutional shorts are still increasing.

Although the market is bullish, institutional short positions remain at extreme levels.

According to analyst @cas_abbe's shared data from the Chicago Mercantile Exchange (CME) CFTC report on the X platform, the net short position has reached -18,438 contracts. This is the highest short position since March 2022. The chart shows a steady increase in net short positions in 2023 and 2024. In 2025, bearish exposure intensifies, with no signs of reversal. Over the past 20 months, there has been no green histogram, indicating continuous market expectations for price corrections.

Many leveraged bets may belong to delta-neutral strategies, although most appear directional. If Ethereum breaks through $5,000, the accumulated short positions could trigger a historic short squeeze.

Cryptocurrency investor Arthur Hayes has also publicly shared his views on ETH, stating that he is betting on this asset in the current cycle and predicting its price could surpass $20,000.