16.07.2025 21:22

Ethereum's price surge continues, pushing past $3,380 and nearing the $3,400 threshold. This impressive rally, fueled by robust market activity, has resulted in a significant wave of short liquidations.

Over the last day, ETH has experienced a remarkable 10% increase, adding to its already impressive 23% weekly growth. Currently valued at $3,381.83, and boasting a market capitalization exceeding $408 billion, Ethereum is firmly reasserting its market dominance amidst considerable price volatility.

The substantial increase in price has caught many short sellers off guard. In the past 24 hours, almost half of all cryptocurrency liquidations – a staggering $193 million out of $408 million – were attributed to Ethereum. A colossal $169 million of this stemmed from the forced closure of short positions, a stark contrast to the comparatively minor $24 million in losses incurred by long positions. This dramatic shift underlines the current market's bullish momentum.

This trend extends beyond Ethereum; the broader cryptocurrency market has witnessed a similar purging of leveraged short positions, further underscoring the strength of the prevailing upward trend. Daily trading volume in Ethereum surpassed $46 billion, suggesting the upward momentum may persist. As the $3,400 mark looms, the potential for further liquidations intensifies, particularly if this resistance level is overcome.

Alexander Zdravkov, a Coindoo reporter with over three years of experience in the cryptocurrency market and fluency in German, authored this report. His insightful analyses and daily market reports are valued contributions to the team, stemming from his profound understanding of, and passion for, the digital currency landscape. He possesses a unique ability to discern emerging trends and present logical explanations for market movements. This article was sourced from internet resources.