Ethereum ($ETH) is on a powerful upswing, triggering a massive $40 million short liquidation in the past hour alone, as bullish traders push the second-largest cryptocurrency higher.
Market Snapshot:
- Asset: Ethereum ($ETH)
- Liquidations: $40M in shorts (last 60 mins)
- Price Action: Strong upward momentum following BTC’s surge past $120K.
Why It Matters:
- Short Squeeze Surge – Bearish positions are being forcefully closed, fueling ETH’s rally.
- Correlated Momentum – Ethereum is riding the wave of Bitcoin’s historic highs, attracting heavy buying volume.
- DeFi & Onchain Growth – Strong network activity and upcoming ETH upgrades continue to boost investor confidence.
CentBit Insight:
This liquidation wave could set the stage for Ethereum to retest the $4,000 mark and potentially push toward new yearly highs if bullish momentum holds.
