Ethereum Nears $3,400 as Short Sellers Face Nearly $200M in Liquidations

Ethereum continues its impressive upward momentum, climbing past $3,380 and approaching the $3,400 mark, driven by strong market activity and a surge in short liquidations.

Over the past 24 hours, ETH has gained more than 10%, bringing its weekly rise to over 23%. With a current price of $3,381.83 and a market cap exceeding $408 billion, Ethereum is reclaiming dominance amid heightened volatility.

Meanwhile, data shows that Ethereum alone accounted for almost half of the total crypto liquidations in the last 24 hours. Out of $408 million in total wrecked positions, Ethereum contributed $193 million, with a staggering $169 million of that coming from short positions. Longs accounted for just under $24 million.

This trend highlights how rapidly rising prices are catching bearish traders off guard. The broader market has also seen a similar wipeout of leveraged shorts, reflecting the strength of the current bullish wave.

With trading volume in Ethereum exceeding $46 billion in a single day, the momentum may not be over. As the asset inches closer to the $3,400 milestone, liquidations could intensify, especially if resistance is breached.

Alexander Zdravkov

Reporter at Coindoo

Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.