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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
After weeks of persistent selling pressure, buyers returned to the Ethereum market as the asset hit a crucial support zone. According to reports, Ethereum's price climbed more than 5% over a 24-hour period, successfully reclaiming the $1,650 level. This recovery was significantly fueled by a $92 million short squeeze, which accelerated the upward price movement.
This rebound occurs amidst a broader market stabilization, where ETH's performance is being closely watched alongside major peers. Per market data, the technical bounce aligns with a period of macroeconomic assessment, following the Michigan Consumer Sentiment index release of 49.5 on June 26, 2026. Experts suggest that the liquidation of short positions often marks a temporary floor during bearish cycles.
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Sign InInvestors should watch if Ethereum can maintain its position above the $1,650 threshold to confirm a trend reversal. Key upcoming catalysts include the speech by ECB President Lagarde on June 29, 2026, which may influence market liquidity and sentiment toward digital assets as traders weigh global monetary policy directions.
Update: On-chain data has revealed specific details regarding the liquidation event, identifying a whale trader 'sat0shi777' who was liquidated for a 31,600 ETH short position. This massive individual liquidation acted as a primary catalyst for the sudden price jump observed in the market.