Ethereum climbs to $1,928 as ETH/BTC breakout flags altcoin rally

Ethereum rose 5.2% to $1,928 as a breakout in the ETH/BTC pair signaled capital rotation from Bitcoin into altcoins, with the token breaking above a descending trendline that had capped it since the all-time high.

Coinglass data shows $109.3 million in total crypto liquidations over the past 24 hours, with $89 million — or 81% — coming from short positions, the derivatives data provider reported. Ethereum accounted for more than a third of that figure, temporarily surpassing Bitcoin's short liquidations.

Futures open interest across all exchanges climbed to $19.8 billion, the highest since June 3, Glassnode data shows. The metric had collapsed to approximately $15.5 billion in late June. Long liquidations dominance fell to 4%, its lowest level in a year, meaning 96% of liquidated positions were shorts forced out as the price pushed higher.

The next major test sits at the $1,900-to-$2,000 resistance zone. A confirmed daily close above that range on rising volume could open the path toward $2,438, the 0.618 Fibonacci retracement level. On the downside, $1,754 — the 0.786 Fibonacci level that coincides with a long-term demand zone that has held four times since early 2023 — serves as critical support.

ETH/BTC Breakout Adds Weight to Altcoin Thesis

The ETH/BTC pair is testing a breakout level that, if confirmed, could trigger capital rotation from Bitcoin into Ethereum and the wider altcoin market. The daily Relative Strength Index on ETH broke out of its own descending trendline, drawn from July 2025, and now sits just below 65. However, the RSI on the ETH/BTC pair warns that the recent rebound may be approaching a local top, suggesting short-term pullback risk. One warning sign: volume has been declining during the recovery, so the breakout lacks confirmation from participation.

Staking Revenue Growth Reinforces Fundamental Case

Ethereum treasury company BitMine Immersion Technologies reported $45.7 million in staking and validator revenue for the quarter ended May 31, accounting for 98% of total quarterly revenue of $46.5 million, according to its SEC filing. The company has staked approximately 4.9 million ETH, positioning it to generate an estimated $242 million in annualized staking revenue. The Ethereum network currently has approximately 40.8 million ETH staked, underscoring the growing importance of validator participation after the transition to proof-of-stake.

This article is for informational purposes only and does not constitute investment advice.