Ethereum climbed to $2,192, its highest level in four weeks, as a broad crypto rebound lifted the market. Data cited by crypto.news showed ETH had gained more than 11%. The move came alongside Bitcoin’s return above $73,000 for the first time since early February, after reports suggested the U.S. and Iran could be negotiating an end to their military confrontation.
The rally also forced a large unwind of bearish derivatives positions. According to CoinGlass, more than $133 million in ETH short positions were liquidated over the past 24 hours, versus only $21.5 million in long liquidations. That imbalance added fuel to the advance and sharpened short-term price swings.
ETF inflows and rising open interest support the move
Institutional demand appeared to return at the same time. Data compiled by Farside Investors showed spot Ethereum ETFs brought in $169.4 million in a single day. That flow was highlighted as a sign that larger market participants may have contributed to the rebound.
Open interest in Ethereum derivatives jumped by nearly 15%, picking up after several quiet sessions. At the time of publication, the weighted funding rate was still negative. The report noted that if funding keeps rising and turns positive, traders may read that as a sign that bullish positioning is gaining traction again.
$2,200 neckline now stands at the center of the setup
On the daily chart, ETH has formed a double bottom pattern. That structure is widely tracked as a bullish reversal setup, and its neckline sits near the $2,200 psychological barrier. Price action is now pressing against that zone.
If Ethereum breaks above the neckline, the next upside target would be $2,400, which lines up with the 38.2% Fibonacci retracement level. The article also noted that a successful move back above $2,400 would invalidate a larger bearish flag pattern on the chart. In the near term, traders are watching $2,142, the 23.6% Fibonacci retracement level, as a key resistance point. ETH was trading at $2,117 at the time of writing, about 1.1% below that level.
Momentum indicators have turned in favor of bulls
Technical signals were also leaning positive. MACD lines had formed a bullish crossover and continued to slope upward. The Aroon Up indicator stood at 92.86%, well above the bearish reading of 35.71%. Those readings do not settle the outcome, but they show buyers have taken control for now, with the market focused on whether ETH can clear $2,200 and open the way toward $2,400.