Ethereum $ETH is back in the spotlight this week. After trading below $1,900 just days ago, $ETH has climbed sharply and is up 30.60% over the last seven days, outperforming the broader crypto market, which is up 20.40% in the same period. As of today, $ETH is trading around $2,473, with a 24-hour trading volume of over $18.5 billion.
What's Pushing the Price Up
A few forces are combining to fuel this move:
A short squeeze. Roughly $131 million in short positions were liquidated on average per week, forcing a sharp rally, though spot demand still looks tentative. In plain terms — traders betting against ETH were forced to buy back in, adding fuel to the climb.
Improving technicals. ETH has now cleared every major moving average on the daily chart, and the 50-day EMA has crossed above the 100-day EMA — a pattern chart analysts often read as a bullish structure shift.
Network upgrades. Ethereum's development roadmap is also moving forward. The Glamsterdam upgrade tripled the network's gas limit to 200 million, enabling parallel transaction processing, a step toward faster, cheaper transactions on the network.
A Note of Caution
The rally isn't without skepticism. Wintermute, a major market maker, raised its bearish ETH short position to $53 million, signaling that some large traders remain cautious. And with 
RSI sitting at 78.7, the market is technically overbought, meaning a short-term pullback wouldn't be surprising even within an overall uptrend.
The Bigger Picture
Ethereum remains the second-largest cryptocurrency by market cap at roughly $298 billion, and long-term forecasts remain bullish: Standard Chartered has projected ETH could eventually overtake Bitcoin, potentially reaching $40,000 within the next decade, while more conservative estimates place it closer to $10,000.
Key Levels to Watch
Support: the 200-day EMA
Resistance: the $2,500 psychological level
Momentum: overbought RSI suggests near-term choppiness is possible
As always, crypto markets move fast — this is market commentary, not financial advice. Do your own research before making any trading decisions.