ETH 'Bears' Lose $113M as Ethereum Price Surges Above $1,980, Aims for $2,000 Breakout
On Monday, Ethereum (ETH) approached $2,000, surging 4.5% amid increased ETF inflows and staking activity, reaching a high of $1,980. This rally recovered losses since July 22 and boosted its market cap to $237 billion.
The price jump led to the liquidation of $113 million in short positions over 24 hours, compared to $10 million in long positions, with ETH shorts accounting for a third of all liquidated shorts.
Key drivers include sustained inflows into spot ETH ETFs, which attracted nearly $104 million from July 20-24, and Circle's final OCC approval to establish a national trust bank. This approval for the issuer of USDC, a key Ethereum-based stablecoin, is seen as structurally positive for the network.
Furthermore, the queue for Ethereum validator withdrawals has reportedly emptied, removing bottlenecks and ensuring stable market liquidity.
Despite the bullish momentum, some technical analysts caution that this may be a temporary rally within a broader downtrend. One forecast suggests a potential final drop to the $1,300-$1,450 range for accumulation before a true trend reversal, with recovery targets at $2,450 and a longer-term macroeconomic target of $3,950.
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