Ethereum jumps past $1,700 as short‑squeeze erases $281 million of leveraged shorts

Ethereum (ETH) rallied from $1,547 to over $1,700 within three days, marking its strongest weekly gain since May and a roughly 10 % increase on a weekly basis. A short‑squeeze forced the liquidation of $281 million in leveraged bear positions in a single 24‑hour period, nearly double the amount liquidated on the long side.

During the same period, more than 166,000 ETH were withdrawn from Binance in a single day, the highest daily outflow in over three years, according to CryptoQuant data. Analysts note that the surge reflects fresh capital returning to risk assets after a period of heightened market fear.

Technical analysis shows bullish signals: the RSI and MACD have both produced bullish crossovers, and the price now sits above $1,770. However, the cryptocurrency remains below a red trendline that could act as resistance, and analysts caution that a sustained breakout is needed to confirm a longer‑term trend reversal.