币界网报道：Ethereum surged past $2,500 in a squeeze-driven rally, marking its highest level since May 2022, as bullish sentiment returned to the crypto market. The rally was fueled by a combination of short liquidations and growing optimism around potential spot Ethereum ETF approvals in the U.S. Over $60 million in ETH short positions were liquidated in 24 hours, according to Coinglass data, as the price climbed nearly 10% in a single day. Analysts note that Ethereum's breakout above $2,400 triggered a cascade of buying pressure, with the next key resistance level seen around $2,700. The rally comes amid increased institutional interest, with Ethereum investment products seeing $10 million in inflows last week after months of outflows. However, some traders remain cautious, pointing to potential headwinds from macroeconomic factors and regulatory uncertainty. The SEC's delayed decision on spot Ethereum ETF applications has created mixed expectations, with some experts predicting approvals may not come until mid-2024. On-chain data shows large Ethereum holders (whales) have been accumulating during the recent price dip, while retail interest remains subdued compared to previous bull markets. Technical indicators suggest the rally could extend if Ethereum maintains support above $2,400, though volatility is expected to remain high in the near term. The market will be closely watching whether Ethereum can sustain this breakout or face profit-taking pressure at higher levels.