Ethereum has experienced a significant price resurgence after briefly dipping below $1,400, reaching a three-week high of over $1,800. This surge has piqued investors’ curiosity about what factors are driving this rapid climb. Let’s explore some key contributing reasons: Decreasing Short Bets Ethereum’s price increase is partly attributed to the decline in short bets on the CME. With short positions falling below $500 million, traders are less inclined to profit from the price gap between futures and current market value. This reduction in short selling pressure has fueled a rebound in Ethereum’s price. Ethereum ETF Inflows Furthermore, substantial inflows into Ethereum ETFs have bolstered investor confidence. After over a week of outflows, Ethereum ETFs finally saw positive inflows exceeding $38.8 million. Fidelity FETH led the way with $32.7 million and Bitwise ETHW contributed an additional $6.1 million. Bitcoin’s Market Rally A strong performance by Bitcoin is also positively impacting Ethereum’s price. With Bitcoin hitting a seven-week high of $94,000, the broader crypto market has been experiencing positive energy. This trend has benefited Ethereum as it holds the largest position in the altcoin category. Ethereum Faces Limited Resistance On-chain data suggests that Ethereum currently faces limited significant resistance on its price trajectory. The highest possible sell zone is around $1,860, with some traders potentially selling at this level, which might slow down further growth. However, if Ethereum breaks through this $1,860 level, it may unlock even greater gains and reach a target of $2,000. Support Levels** On the other hand, if Ethereum can’t hold above $1,800, the price might decline. The first support level lies around $1,765, with a stronger one situated near $1,710.