Can Ethereum reach $3,000 after $1 billion liquidation wave?

Traders Union
All News
Crypto
ETH holds $2,700 as short squeeze accelerates rally

All news

Top Stories

Editors' Picks

Stocks

Crypto

Economics

Currencies

Commodities

Business & Wealth

Market Voices

Mykhailo Ihnatenko

22.09.2026

Can Ethereum reach $3,000 after $1 billion liquidation wave? — Ethereum holds above $2,700 after a $1 billion liquidation wave

Ethereum has entered another phase where a single strong move can quickly reshape the market. After such a sharp acceleration, however, what happens next may matter more than the rally itself.

ETH price prediction

24H 1.67%

$2,449.04

48H 1.04%

$2,433.94

7D -2.35%

$2,352.12

1M 3.89%

$2,502.54

3M -20.49%

$1,915.32

6M -38.44%

$1,482.79

12M -22.86%

$1,858.05

Detailed

Current price: $2,408.79 -30.45 1.25%

Real-time Data 16:19

Daily range 2417.57

2441.66

Weekly range 2318.00

2579.88

Institutional demand has recovered noticeably. According to SoSoValue, U.S. spot Ethereum ETFs recorded $269.9 million in net inflows on September 21.

BitMine is adding to that demand. The company purchased another 27,562 ETH worth roughly $75 million over the past week, bringing its holdings to 5.98 million ETH, or about 4.9% of Ethereum’s total supply.

Part of yesterday’s rally, however, was mechanical rather than purely demand-driven. Crypto liquidations reached roughly $1.06 billion over the past 24 hours, with about $844 million coming from short positions. ETH alone accounted for approximately $184.6 million in short liquidations. Those forced closures created an additional wave of buying and significantly accelerated an advance that was already underway.

$2,700 becomes the key support after the breakout

The setup from the previous analysis did not play out, as ETH established itself above $2,700 and activated the alternative scenario.

That level now becomes the main support to watch. As long as buyers defend $2,700, ETH has room for another push toward the $2,900–3,000 area, potentially accompanied by another round of short liquidations.

A failure to hold the level, by contrast, could send the price back toward $2,630. The RSI (14) has already moved into overbought territory while also forming a short-term bearish divergence. If signs of weakness begin to emerge, ETH could see a meaningful correction.

Short squeeze leaves ETH needing a pause

The latest ETH surge was not driven solely by genuine demand from ETFs and corporate buyers. Forced short covering added considerable speed to the move.

A similar episode occurred on August 19, when Ethereum accelerated sharply during another major short squeeze. According to Bloomingbit, roughly $736.5 million in short positions were liquidated across the market within several hours, while ETH gained more than 18% at one point.

Vertical moves amplified by liquidations often need time to stabilize afterward. A period of consolidation or even a short-term pullback would therefore not necessarily undermine the broader momentum. The more important test is whether buyers can defend the newly gained levels once the short-squeeze effect begins to fade.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.