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      Ethereum Rises 6% to $2,719 Following Bitcoin-Led Short Squeeze

      On September 21, Ethereum experienced a significant surge of 6%, reaching a price of $2,719. This increase was fueled by Bitcoin's rise above $85,000, which triggered a wave of short liquidations across the cryptocurrency market. In total, over $700 million in crypto positions were liquidated within 24 hours, with approximately $313 million occurring in just one hour, predominantly affecting short positions.

      The short squeeze was particularly impactful as Ethereum broke through a key Fibonacci resistance level at $2,672, a barrier that had limited its rallies for several months. Prior to this surge, Ethereum had already seen short liquidations building up, with around $85 million in ETH shorts wiped out on September 18, coinciding with a broader liquidation event across the crypto markets.

      Additionally, the market saw significant inflows into US spot Ethereum exchange-traded funds, totaling $143.8 million around the same time, contributing to persistent buying pressure. As Ethereum's market capitalization rose to approximately $330 billion, traders are now closely monitoring whether the price can maintain above the $2,672 level, which will be crucial for determining the sustainability of this rally. If it holds, the next target for Ethereum could be between $2,800 and $3,000.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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