Ethereum's price surge above $2,800 is attributed to technical indicators, ETF speculation, and a short squeeze.
The rally was driven by reports of a proposed Crypto ETF supported by President Donald Trump, coinciding with bullish technical patterns like the golden cross and bullish pennant.
The MACD histogram and RSI14 confirm strong bullish momentum for Ethereum, further supported by a surge in derivatives open interest and funding rates turning positive.
The key levels to watch are $2,698 as support and a target of $3,350 if Ethereum maintains its current market structure.