ETH Tops $4,600, Nears $4,800 on Short Squeeze & ETF Inflows
Ethereum (ETH) surged past $4,600—its highest level since November 2021—and is now within 5% of the $4,800 all-time high. Bitcoin dominance dipped below 60% as bullish momentum intensified. A sharp short squeeze liquidated over $120 million of bearish ETH positions in the last 24 hours, driving trading volume higher.
Institutional and corporate demand underpins the rally. Ethereum treasuries now hold more than $9 billion in ETH. BitMine, the largest holder with 1.15 million ETH, will expand its at-the-market equity program to $24.5 billion to fund further purchases. Meanwhile, spot Ethereum ETFs have drawn $9.4 billion in net inflows since July—$5 billion in the past month and over $1 billion in a single day—adding strong buy pressure.
On-chain metrics show rising inflows and network activity, reinforcing bullish sentiment. Traders should watch support at $4,200 and resistance near $4,800 as Ethereum consolidates gains and eyes further upside.
Bullish
This news is bullish for ETH. The short squeeze and ETF inflows have created strong upward momentum, pushing prices to multi-year highs and attracting renewed institutional interest. In the short term, liquidations and rising trading volume can fuel further gains as traders chase breakouts. Over the long term, sustained spot ETF inflows and growing corporate treasuries suggest a higher demand floor, reducing sell-side pressure and supporting a more stable uptrend. Combined on-chain activity also signals robust network use, reinforcing the bullish case.