Ether jumped 4.5% to reach $1,980, closing in on the $2,000 mark and lifting its market cap to $237 billion.
Key Takeaways
On July 27, ETH jumped 4.5% to peak at $1,980 on Bitstamp, approaching the $2,000 threshold.Circle’s OCC approval and $104M in ETF inflows fueled the rally while liquidating $113M in shorts on Coinglass.Technical analysts predict ETH could dip to $1,300 before building momentum toward a long-term $3,950 target.On Monday, ether (ETH) closed in on the $2,000 threshold after jumping 4.5% amid rising exchange-traded fund (ETF) flows and staking activity. According to Bitstamp data, ETH peaked at $1,980, an increase of more than $100 from 24 hours earlier, making it one of the day’s top gainers.
The surge effectively erased losses ETH suffered starting July 22, when it fell below the $1,900 threshold. The jump also lifted its market capitalization to $237 billion and pushed its seven-day gains to nearly 6%. While the digital asset’s year-to-date losses remain in double digits, the July 27 momentum left it poised to reclaim the $2,000 level for the first time since June 2.
Meanwhile, ETH’s surge proved particularly brutal for bears, as evidenced by $113 million in short bets wiped out in 24 hours compared to $10 million in long bets. According to Coinglass data, short positions wiped out on ETH alone accounted for a third of all shorts liquidated during the period.
While ETH’s rise moved in tandem with the rest of the crypto market, analysts highlighted sustained inflows into spot ETH ETFs over the past few days as one of the primary drivers. Data shows ETFs absorbed nearly $104 million between July 20 and 24, indicating strong institutional support for the digital asset.
Adding further momentum to the rally, Ethereum’s validator exit queue has reportedly emptied, marking a major turning point for the network’s proof-of-stake health. With on-chain data showing zero validators in line to withdraw their ETH, exit bottlenecks have virtually vanished. The absence of a backlog allows capital to flow in and out of staking protocols frictionlessly and instantly, reassuring investors that market liquidity remains rock-solid.
