Ethereum (ETH) price has once again refreshed its high since 2025, breaking through the $4,300 mark this morning. This rise not only cheers long positions but also delivers a heavy blow to short positions.

According to data, in the past 24 hours, the amount of ETH short positions liquidated reached 247 million USD, far exceeding Bitcoin's figures during the same period. This number highlights the current market's optimistic sentiment towards Ethereum and reflects the immense pressure faced by short positions.

Analysts point out that if ETH can stabilize above $4,000, the next key resistance level will be around $4,430. After breaking through this level, Ethereum is expected to make a push towards its historical high of $4,870.

It is worth noting that while Ethereum stands out, Bitcoin's price fluctuates slightly around $116,000. This differentiated performance has sparked many speculations in the market about the future trends of the two major cryptocurrencies.

The factors driving the rapid rise in ETH prices are diverse. In addition to the continuous influx of buy orders, the "squeeze effect" generated by short positions being liquidated also plays a significant role. This positive cycle further strengthens the market's bullish sentiment.

However, some analysts remind investors to be aware of the risks. Despite the strong performance of ETH in the short term, the high volatility of the cryptocurrency market still exists. Investors should remain cautious when chasing rises and implement proper risk management.

With the continuous development of the Ethereum ecosystem and the upcoming network upgrade, the market generally holds an optimistic view on the long-term prospects of ETH. However, in the short term, whether the price can break through the historical high still requires more favorable factors to support it.