Ethereum Price Rebounds on Strong Market Sentiment and Short Squeeze

Ethereum's price has rebounded over the past 24 hours, climbing more than 5% to reclaim the $1,650 level. This recovery comes after weeks of selling pressure, and buyers are now returning to the market.

The broader crypto market has staged a strong recovery, with Bitcoin reclaiming the $60,000 level. Ethereum is one of the major beneficiaries, emerging from its recent correction as sentiment improves across the market.

A total of over $475 million in crypto positions were liquidated across the market, with Ethereum accounting for over $92 million in forced liquidations. Short sellers suffered the majority of these losses as ETH moved higher and triggered a wave of short covering.