 ▲ Ethereum (ETH) |
Ethereum (ETH), the leading altcoin, has surged past the $2,000 mark in a single leap, fueled by explosive institutional buying and expectations of a massive short squeeze, signaling the opening of a bullish run toward $2,600.
According to investment media outlet FXLeaders on March 10 (local time), Ethereum is trading near $2,041, up 4.2% from the previous day, alongside record-breaking activity in the derivatives market. CryptoQuant data shows that 110,343 ETH flowed into derivatives platforms on March 7, marking the third-largest inflow of 2026. The estimated leverage ratio has soared to an all-time high of 0.78, signaling extreme volatility ahead.
Notably, around $273 million in short positions are concentrated near the $2,030 level. If the price breaks above this range, a chain reaction short squeeze—buying triggered by the liquidation or covering of short positions—could result in a mechanical surge. After absorbing liquidity around $1,908 over the weekend, Ethereum is now targeting the supply zone between $2,050 and $2,100.
This rebound has been largely driven by macro tailwinds, including easing inflation concerns following discussions among the G7 nations about releasing strategic oil reserves. In addition, BitMine, led by Tom Lee, recently accumulated 60,976 ETH, while the Ethereum Foundation announced a 70,000 ETH staking project, further establishing strong fundamental support from institutional investors.
From a technical perspective, Ethereum has successfully reclaimed the 20-day exponential moving average (EMA) at $2,018, while the relative strength index (RSI) stands at 56.8, indicating further upside potential. If the price decisively breaks above $2,160—the neckline of an inverse head-and-shoulders pattern on the daily chart—it could surpass the 50-day simple moving average at $2,249 and potentially extend its rally to as high as $2,600.
However, if the U.S. Consumer Price Index (CPI) scheduled for release on March 12 exceeds market expectations, the macro tailwinds could weaken, raising the risk of a breakdown below the $1,916 support level and a retreat toward $1,800, warranting caution from investors.
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