Ethereum Price Hits 22-Week High: Breakout to $4k Imminent Amid Heavy Short Liquidation

• Ethereum price has regained $3k for the first time since President Donald Trump took office earlier this year
• The U.S. spot Ether ETFs recorded the highest daily cash inflows of about $383 million on Thursday
• Technical analysis shows the Ether bullish momentum has more fuel to hit $4K

Ethereum has surged past the key $3,000 level for the first time in 22 weeks, leading a broad altcoin market rally as Bitcoin also rockets to a new all-time high above $118,000.

Currently trading around $3,020, ETH’s powerful 7.9% daily gain was fueled by a record-breaking day for spot Ether ETFs and more than $246 million was liquidated from the leveraged Ether market, mostly involving short traders. The move has pushed Ethereum’s market cap to over $363 billion, with daily trading volume hitting $37.4 billion.

Factors fueling Ethereum price surge today

The top reason why the Ether price surged today is due to the rising demand from institutional investors. For instance, the U.S. spot Ether ETFs recorded the highest daily cash inflow of about $383 million, led by BlackRock’s ETHA.

The demand for Ethereum by institutional investors has significantly increased in the r…

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