The recent surge in Ethereum's price came as a surprise to many, especially amidst speculation surrounding the potential approval of the Ethereum ETF. However, recent developments suggest that this approval might occur sooner than anticipated, leading to a significant shift in market sentiment from bearish to bullish. Within a span of less than 24 hours, over $250 million worth of short positions were liquidated, highlighting the swift change in market dynamics.

On the technical front, Bitcoin's recent upward movement has been notable, breaching key resistance levels and signaling strength to the market. The breakthrough past the $67,000 mark on the daily chart signifies a significant milestone, paving the way for Bitcoin to target the $70,000 level and reinforce its bullish stance.

Similarly, Ethereum's chart reflects a compelling narrative of upward momentum, with the cryptocurrency surpassing both its 50-day and 200-day moving averages. The surge in trading volume further underscores growing investor confidence and interest in Ethereum's future trajectory.

These price movements have had a profound impact on the broader market, with over $250 million worth of short positions liquidated as traders rushed to cover their positions amidst the prevailing bullish trend. Notably, the majority of these liquidations were short positions, indicating a prevailing bearish sentiment prior to the Ethereum ETF news.

Data shows that in the past 24 hours alone, a staggering $328.73 million in liquidations occurred, with $267.06 million originating from short positions. With the market showing signs of gaining momentum, there is speculation that it may enter the second phase of the 2024 bull run.