Ethereum Tops $1,900 in a Six-Week High, Where to Next For ETH?

Ethereum (ETH) surged to a six-week high of $1,940 in late trading on Wednesday and has held above $1,900 into Thursday, marking a nearly 10% gain over two consecutive days.

According to CryptoQuant analyst Darkfost, the move was driven by positive US inflation data, with both the Consumer Price Index (CPI) and Producer Price Index (PPI) coming in well below expectations. Since a low of around $1,500 in June, ETH appears to have entered a genuine shift in momentum, posting over 25% gains during that period.

The rally was amplified by a short squeeze on Binance, with almost $30 million in futures positions liquidated in about an hour. The largest single liquidation order was an ETH/USDT position valued at $11.9 million, according to Coinglass. Darkfost noted that the surge owed a great deal to the wave of short liquidations that had been building up on the exchange.

Market observers are watching key resistance levels. Arden House founder Alaoui Capital highlighted $2,000 as the level ETH wants to test next. Analyst Satoshi Flipper pointed out that ETH has broken out of its downtrend against Bitcoin, which is bullish for altcoins. Former BlackRock vice president John Gillen said bulls should watch the $1,950 level (100-day exponential moving average), then $2,000. “Crack that and $2,200 comes into play, and then it could be off to the races,” he added.

Elsewhere, total crypto market capitalization remained flat at $2.3 trillion, with Bitcoin cooling after its venture above $65,000. Most altcoins were flat, but Ethereum stole the show with a 3.2% gain on the day.

Source: https://cryptopotato.com/ethereum-tops-1900-in-a-six-week-high-where-to-next-for-eth/