Ethereum rose 18% in 24 hours to its highest level in weeks, helping trigger more than $1 billion in cryptocurrency-market liquidations, according to CoinGlass data. More than $800 million of the liquidations came from short positions, suggesting a short squeeze (forced buying by bearish traders) amplified the rally. The move coincided with a broader crypto-market recovery, gains in Bitcoin, positive derivatives positioning and risk-on sentiment in traditional markets, although no single catalyst was confirmed. Approved filings for spot Ethereum ETFs and steady inflows provided a fundamental backdrop through increased access for traditional investors. The rally’s durability will depend on whether ETH holds its gains as resistance levels are tested. Traders are watching volumes, derivatives data, interest-rate expectations and regulatory news for signs of continuation or reversal.