Ethereum Rockets Past $3.8K as Shorts Get Crushed With $28M Liquidated

Ethereum is back on the climb, cruising past the $3,800 threshold with a 2.2% gain against the U.S. dollar in the last 24 hours. As the weekend wrapped up, ETH’s market grip edged closer to 12% of the $3.91 trillion crypto economy.

Ether Ignites the Charts

By 10:40 a.m. Eastern, ETH was going for $3,816 a pop, with a single ether fetching about 0.03221 BTC in bitcoin terms. Currently sitting as the second-largest digital asset by market cap, its $460 billion valuation makes up 11.8% of the crypto market’s total heft.

While ETH ticked up 2.2% today, its seven-day gain is a modest 2%, and over the past two weeks, it’s climbed 27.7%. Zoom out to a full month, and ETH has soared 56.8%, with heavy global trading pushing that momentum. With ethereum breaking past $3,800, it’s now front and center in derivatives market liquidations.

In just the past 24 hours, $40.65 million in ETH positions were flushed out, with short sellers taking the brunt—$28.41 million of those were shorts. The largest liquidation? A $1.10 million ETH-USDT-SWAP order on OKX that got completely wiped. Most of ETH’s oscillators sit in neutral territory, though the momentum oscillator flashes a bearish cue.

Meanwhile, ethereum’s moving averages are leaning bullish across the board—even down to the 200-day mark—hinting that the longer-term trend still has fuel in the tank. Ethereum’s recent strength has put it in the spotlight, both for bullish traders and those caught offside in the derivatives arena. With its technicals tilting positive and trading activity running hot, ETH may still have more room to run.