Ethereum News Today: Ethereum Surges 10% to $3,381.83, Driven by Short Liquidations

Ethereum's price has surged past $3,380, approaching the $3,400 mark, driven by robust market activity and a significant increase in short liquidations. Over the past 24 hours, Ethereum (ETH) experienced a gain of over 10%, contributing to a weekly rise of more than 23%. At a current price of $3,381.83, Ethereum's market capitalization exceeds $408 billion, solidifying its position in the market amidst heightened volatility.

The data reveals that Ethereum accounted for nearly half of the total crypto liquidations in the last 24 hours. Out of the $408 million in total liquidated positions, Ethereum contributed $193 million, with an overwhelming $169 million of that amount coming from short positions. Long positions accounted for just under $24 million. This trend underscores how the rapid price increase is catching bearish traders off guard, as the broader market also witnesses a similar wipeout of leveraged shorts, reflecting the strength of the current bullish wave.

The momentum in Ethereum's price movement is further evidenced by the asset's trading volume, which exceeded $46 billion in a single day. As Ethereum inches closer to the $3,400 milestone, liquidations could intensify, especially if resistance is breached. This scenario could lead to further short squeezes, as bearish traders are forced to close their positions, potentially driving the price even higher. The current market dynamics suggest that Ethereum's upward trajectory may continue, supported by strong market activity and the liquidation of short positions.