Ether surged more than 30% in one week from near $1,900 to around $2,470 after briefly exceeding $2,500, with more than $130 million in ETH positions liquidated over 24 hours on August 25, according to Coinglass. The rally, Ether’s strongest weekly advance since May 2025 and, before that, July 2021, was supported by forced short covering, about $116 million in recent U.S. spot Ether ETF inflows and BitMine Immersion Technologies’ purchase of 32,447 ETH for roughly $81 million. The move also increased pressure on large market-making and hedging shorts tracked on Hyperliquid: Abraxas Capital, Fasanara Capital and Wintermute collectively held about 138,569 ETH worth $338 million and 3,425 BTC worth $265 million, or approximately $603 million in short exposure, with about $75 million in unrealized losses. Technical resistance for Ether is concentrated between $2,500 and $2,600, while the firms’ liquidation prices remained substantially higher than cited spot levels, suggesting no immediate liquidation risk unless the rally extends sharply.