Key Highlights
- ETH climbed from around $1,982 to a daily high near $2,198, driven by dominant short liquidations of $129 million that amplified upside momentum amid a broader crypto rebound tied to Bitcoin’s push above $70,000 and easing Middle East geopolitical worries.
- Futures open interest surged to 13.43 million ETH, indicating fresh long bets and institutional interest, while consistent recent inflows into spot Ethereum ETFs supported accumulation.
Ethereum (ETH) price climbed from roughly $1,982 to around $2,135 over the past 24 hours, marking a jump of about 7%. The spike is accompanied by over $33 billion in trading volume, reflecting heavy participation.
As per CoinMarketcap data, currently trading at $2,102, ETH hit a daily high of $2,198 in a swift spike fueled by Bitcoin’s recovery above $70,000 during the March 4 U.S. trading session.
The spike is pointed to renewed institutional flows and easing concerns over Middle East tensions as key drivers. Spot Ethereum ETFs saw consistent inflows in recent days, while open interest on futures spiked to 13.43 million ETH—its highest since late January—signaling fresh long positions.
Data from Coinalyze shows that short liquidations dominated, with $129 million wiped out versus far smaller long squeezes. This helped fuel the upside momentum.
Market spectators noted the break above $2,000 as psychologically important, with some targeting $2,140-$2,500 if resistance clears. Others cautioned that recent ETF outflows in prior weeks could cap gains if sentiment flips.
The rally lifted Ethereum’s market cap back toward $255-260 billion, though it remains well below its 2025 peaks near $5,000.
Also read: Eric Trump Said Bitcoin Would Hit $120,000 to $150,000 Next Month
