Ethereum Shorts Take a $100 Million Hit as ETH Surges
It’s been a rough day for traders betting against Ethereum. Data from CoinGlass shows over $100.6 million in ETH short positions got wiped out in the last 24 hours. That’s a lot of money vanishing into thin air—and it’s all thanks to Ethereum’s sudden, sharp climb.
Earlier today, ETH hit $3,825 on Coinbase, its highest price this year. It’s the first time since December 2024 that the cryptocurrency has pushed past $3,800. Not bad for an asset that was hovering around $2,500 just a couple of weeks ago.
A Stunning Two-Week Rally
If you’ve been watching Ethereum lately, you’ve probably noticed it’s been on a tear. Up more than 50% in just 14 days. That kind of move doesn’t happen often, and when it does, it tends to leave wreckage behind—like those liquidated shorts.
But it’s not just ETH’s dollar value making waves. Against Bitcoin, Ethereum has reached 0.031 BTC, a level we haven’t seen since January. For a while now, ETH has been playing second fiddle to Bitcoin in this pairing, so this shift is catching attention. Maybe it’s temporary. Maybe not.
Still Short of All-Time Highs
Here’s the thing, though—Ethereum isn’t quite back to its glory days yet. The all-time high sits at $4,878, set over three years ago. Right now, ETH would need another 23% jump to match that. Not impossible, but definitely not a given.
What’s driving this surge? Hard to say for sure. Some point to growing optimism around Ethereum’s network upgrades. Others think it’s just traders piling in after Bitcoin’s recent run. Or maybe it’s a mix of both. Markets don’t always move for clear reasons.
One thing’s certain: when prices move this fast, people get burned. The $100 million in liquidations proves that. And if ETH keeps climbing, we could see even more shorts get squeezed.
For now, traders are probably watching the $3,800 level closely. If ETH holds here, the next stop might be $4,000. But if it slips, well—things could get messy. That’s crypto for you. Never boring.
