It all seems to be going Ethereum’s way for the past few months, as the asset has notched another impressive daily run that has taken it to a new multi-year peak.
On its way up, ETH has left bears in disbelief as the total value of liquidated shorts has skyrocketed to over $250 million on a 24-hour scale.
ETHUSD. Source: TradingViewIt’s hard to believe that just four months ago – in April – the second-largest cryptocurrency struggled to remain above $1,500. It had plunged to its yearly lows during the darkest hours of Trump’s trade war against essentially all other countries.
However, the subsequent recovery has been more than impressive, especially the performance since the beginning of July. At the time, ETH stood below $2,500 but exploded by more than $2,000 in the following month, which culminated (for now) at just over $4,700 hours ago reached earlier today.
This meant that Ethereum had added almost 250 since its yearly low at roughly $1,400 marked in April. Consequently, today’s pump to $4,720 meant that it had come just 3.3 away from charting a new all-time high ($4,878, according to CoinGecko).
This massive price surge comes on the heels of substantial inflows toward the spot Ethereum ETFs in the US, as well as multiple companies launching ETH treasury strategies and accumulating sizeable portions of the asset.
Interestingly, though, reports keep claiming that retail investors continue to dispose of their assets, while institutions are ramping up their buying efforts.
It’s worth noting that today’s surge has resulted in tons of liquidations, especially from short traders. Data from CoinGlass shows that more than $250 million worth of shorts have been wiped out in the past 24 hours. And that’s all for Ethereum. The overall liquidations are close to $500 million, meaning that ETH is responsible for more than 50.
Liquidation Heat Map. Source: CoinGlass
