On September 21, 2026, Ethereum rose by 6% to reach $2,719, breaking a Fibonacci resistance level of $2,672. This movement followed Bitcoin exceeding $85,000, with a session high of $85,257. The rally was fueled by a significant short squeeze, resulting in over $700 million in total liquidations across crypto markets within 24 hours.
Data from CoinGlass indicates that $313 million in positions were liquidated in a single hour, with 96% of these being short bets. Prior to this, on September 18, $85 million in ETH shorts were liquidated during a broader market event totaling $470 million. Additionally, US spot ETH ETFs saw net inflows of $143.8 million around September 18.
Ethereum market capitalization reached approximately $330 billion, marking its highest level since January 2026. Traders are now monitoring whether the price can maintain support above the $2,672 level. If successful, potential targets for the asset range between $2,800 and $3,000, representing a further increase of 3% to 10% from current levels.
