Ethereum Soars: Trump ETF and Technicals to Blame? 🚀💰

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According to the ever-so-reliable CoinMarketCap, the recent surge in Ethereum can be attributed to a delightful cocktail of technical indicators, ETF speculation, and a rather potent short squeeze. Oh, what a time to be alive in the crypto world! 🎉

ETF Speculation and Technical Breakout Fuel the Rally

The price leap, as dramatic as a Noël Coward play, coincided with whispers of a proposed Crypto ETF, no less endorsed by the one and only President Donald Trump. This news, as unexpected as a teacup in a gin joint, aligned perfectly with a golden cross pattern—where the 7-day EMA gallantly crossed above the 30-day EMA—and a bullish pennant formation, both historically linked to upward price momentum. How delightfully fortuitous!

Indicators, those darling little things, confirm the move: the MACD histogram is at +27.62, and the RSI14 stands at 65.18, signaling strong bullish momentum without entering the dreaded overbought territory. It’s almost as if the market is putting on a show just for us! 🎭

Short Squeeze and Altcoin Rotation Accelerate the Climb

Ethereum, in its usual dramatic flair, not only outperformed Bitcoin (+2.3%) and the broader crypto market (+2.76%), but also triggered a wave of liquidations. Over $16.2 million in ETH short positions were wiped out after breaking the $2,800 resistance, fueling a cascade of forced buybacks. It’s like a grand finale at the theatre, with everyone rushing to their feet in a standing ovation! 🎉

Derivatives open interest rose 5.73% in the past 24 hours, while funding rates for perpetuals turned positive—signaling renewed appetite for leveraged long positions. The rally is also supported by a broader sector rotation favoring altcoins. It’s a veritable feast of financial excitement! 🍾

What’s Next: Key Level at $2,698 and Target at $3,350

While the Trump-linked ETF still lacks regulatory approval, the technical market structure remains as intact as a vintage cocktail shaker. If Ethereum holds above the $2,698 level (23.6% Fibonacci retracement), it could pave the way toward a new target of $3,350—the 161.8% Fibonacci extension. One can only hope for more such thrilling performances in the future! 🌟

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2025-07-10 14:46