Ethereum Surges Past $4,100 as Institutional Demand and Short Squeeze Fuel Rally
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Ethereum has outpaced the broader crypto market, climbing 6.36% in the past 24 hours and racking up gains of +19% weekly and +48% over the last month.
The move comes as Bitcoin dominance dips, highlighting ETH’s leadership in the current rally.
A $105 million short squeeze on August 9 proved to be the spark. Once ETH broke the $4,100 barrier, bears were forced to cover positions, accounting for over half of crypto’s daily short losses.
This buying pressure echoed a similar pattern from December 2024, when ETH rallied 28% after a comparable squeeze.
Institutional interest is also intensifying. Since July 9, ETFs and whales have acquired 540,460 ETH ($1.99B), with BlackRock’s ETHA ETF alone attracting $727 million in a single day. Supply on exchanges has fallen to just 12.3M ETH — the lowest since 2018 — signaling potential scarcity ahead.
Technically, ETH has broken long-standing resistance, with momentum indicators mirroring pre-2021 bull run setups. While the RSI at 71 suggests overbought conditions, the breakout opens room toward $4,425. Analysts caution that a pullback could test support at $3,740, but sustained institutional accumulation may keep the uptrend intact.
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