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Ethereum climbed 5.4% to $2,725, driven primarily by a Bitcoin-led short squeeze rather than isolated demand for the second-largest cryptocurrency.
The price movement pushed Ethereum above the $2,672 Fibonacci retracement level intraday, a threshold traders have monitored closely as a potential trigger for a move toward $3,000.
However, the weekly close on September 20 ended at $2,644, leaving the key resistance unconfirmed by a full week of trading. The rally originated with Bitcoin, which surged from $84,000 to $85,257 on September 21.
According to CoinGlass, exchanges liquidated $313 million in positions during that hour, with 96% of those liquidations being short trades.
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