Ethereum (ETH) posted an impressive 6.3% gain over the past 24 hours, breaking above the key $2,800 level.
According to CoinMarketCap data, the surge has been driven by technical indicators, ETF speculation, and a powerful short squeeze.
ETF speculation and technical breakout fuel the rally
The price jump coincided with reports of a proposed Crypto ETF backed by President Donald Trump. This news catalyst aligned with a golden cross pattern—where the 7-day EMA crossed above the 30-day EMA—as well as a bullish pennant formation, both historically linked to upward price momentum.
Indicators confirm the move: the MACD histogram is at +27.62, and the RSI14 stands at 65.18, signaling strong bullish momentum without entering overbought territory.
Short squeeze and altcoin rotation accelerate the climb
Ethereum not only outperformed Bitcoin (+2.3%) and the broader crypto market (+2.76%), but also triggered a wave of liquidations. Over $16.2 million in ETH short positions were wiped out after breaking the $2,800 resistance, fueling a cascade of forced buybacks.
Derivatives open interest rose 5.73% in the past 24 hours, while funding rates for perpetuals turned positive—signaling renewed appetite for leveraged long positions. The rally is also supported by a broader sector rotation favoring altcoins.
What’s next: key level at $2,698 and target at $3,350
While the Trump-linked ETF still lacks regulatory approval, the technical market structure remains intact. If Ethereum holds above the $2,698 level (23.6% Fibonacci retracement), it could pave the way toward a new target of $3,350—the 161.8% Fibonacci extension.
Kosta Gushterov
Reporter at Coindoo
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Source: https://coindoo.com/ethereum-breaks-above-2800-whats-next/