Ethereum Nears $2,000 as $113M in Shorts Liquidated

Ether rose 4.5% to $1,980 on July 27, closing in on $2,000 and wiping out roughly $113 million in short positions over a 24-hour period. The move lifted Ethereum’s market capitalization to about $237 billion.

Exchange data showed ETH peaked at $1,980 on Bitstamp, more than $100 higher than 24 hours earlier and recovering losses that began July 22 when the token fell below $1,900. Over seven days, ETH gained nearly 6%, while year-to-date returns remained negative in double digits.

Liquidation trackers recorded approximately $113 million in short positions removed on Ethereum versus about $10 million in long liquidations during the same window. One tracker reported that ETH short liquidations accounted for about one-third of all short positions wiped out across the market in that 24-hour span.

Data on spot exchange-traded funds showed net inflows into spot Ethereum ETFs of nearly $104 million between July 20 and July 24. Those ETF flows coincided with the price advance.

Regulatory filings show the U.S. Office of the Comptroller of the Currency granted final approval to Circle to establish a national trust bank. Circle’s USDC stablecoin settles primarily on Ethereum.

On-chain metrics indicated the Ethereum validator exit queue had cleared, leaving zero validators waiting to withdraw staked ETH. With the exit backlog removed, validators can request withdrawals without a queue.

Technical analysis identified a series of bear-flag patterns and projected a potential further decline to a $1,300–$1,450 range before extended accumulation. One model cited an intermediate rebound target near $2,450 and a longer-term macro target around $3,950.