Ethereum Jumps 18 Percent As Crypto Market Rallies

Ethereum made big waves this week by climbing 18 percent to reach $2,250. At the same time, Bitcoin pushed past the $69,000 mark. Almost every major cryptocurrency posted double digit weekly gains, creating a very strong wave across the entire digital asset space.

The massive price jump caught many bearish traders off guard. Market data shows that nearly $1.4 billion in short positions were wiped out as prices climbed rapidly.

Traders are now looking at macroeconomic factors for the next market move. The US Treasury recently doubled its bond buybacks, which appears to be driving fresh liquidity into risk assets like crypto.

Keep an eye on whether these price levels hold steady through the week. If buying pressure continues, the market could see further upside momentum.