ETH hits six-week high of $1,940 on positive inflation data and $30M short squeeze, with analysts targeting $2,000 next.
Macro & Markets ·
Ethereum reached $1,940, marking its highest price in six weeks, as positive US inflation data and a sharp two-day rally of nearly 10% drove momentum. A short squeeze on Binance futures liquidated nearly $30 million in positions, amplifying the upward move. The price action reflects a broader shift in sentiment as ETH breaks away from its previous downtrend relative to Bitcoin.
Market observers are now watching whether Ethereum can sustain momentum toward the $2,000 level, which analysts identify as the next key resistance. The $1,940 six-week high represents the strongest technical setup for ETH in recent months, and the liquidation event suggests that traders positioned for further downside were caught off guard by the rally.
What remains unclear is whether the move is driven by macro tailwinds—inflation expectations potentially easing—or primarily technical in nature. The staying power of the rally and how much of the short squeeze's momentum will persist as resistance levels approach have yet to play out.