Ethereum (ETH) Short Liquidations Exceed $100 Million Amid Price Surge Past $3,800

Ethereum (ETH) short positions totaling over $100 million (approximately 140 billion Korean won) have been liquidated in the past 24 hours, according to CoinGlass data. As reported by U.Today on October 20, this development underscores renewed bullish sentiment for the world’s second-largest cryptocurrency.

Ethereum Hits 2023 Peak at $3,825 on Coinbase

Ethereum reached a 2023 high, trading at $3,825 (532,000 Korean won) per token on Coinbase, marking the first time since December 2021 that its price surpassed the $3,800 mark. This milestone reflects rising investor confidence and underscores Ethereum’s growing prominence within the broader cryptocurrency market.

Explosive Rally Highlights Ethereum’s Dominance as a Leading Altcoin

Over the past two weeks, Ethereum has witnessed an extraordinary rally, surging over 50% in value during this period. The price gains solidify Ethereum’s position as a top-tier altcoin, further boosted by the ETH/BTC trading pair hitting 0.031 BTC—a level last seen in January 2023.

Challenges Persist Amid Distance from All-Time High

Despite its impressive performance, Ethereum still trades 23.2% below its record-breaking all-time high of $4,878, achieved in late 2021. The recent rally narrows the gap but highlights the steep climb necessary for Ethereum to reclaim its peak valuation, signaling room for growth amid lingering challenges.

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