Ethereum Shorts Obliterated as ETH Price Crashes Through $2,100 – Where Next for the ETH Price?
Ether (ETH) future short positions have been wiped out on mass in the last two days, as the world’s second-largest cryptocurrency by market capitalization defied the bears and rallied in wake of Wednesday’s highly anticipated series of upgrades to the Ethereum blockchain.
ETH surged above $2,100 on Friday for the first time since May 2022, taking weekly gain to more than 13%.
That means Ether is on course for its largest one-week gain in around three months.
As a result of ETH’s bullish breakout, over $90 million in ETH future short positions have been wiped out in just the last two day, as per data from crypto derivatives analytics website coinglass.
Indeed, Friday’s $62 million wipeout marks the largest short liquidation event in over a month.
The latest series of Ethereum upgrades implemented on Wednesday, amongst other things, allowed staked ETH tokens to be withdrawn for the first time.
Some analysts and traders had worried that investors might rush to unstake and sell ETH tokens on mass, creating short-term selling pressure that could have weighed on the price.
But on-chain data, as discussed in an article on Thursday, revealed that the successful implementation of flexible ETH staking actually saw the total number of staked ETH tokens rise on Thursday, rather than decline.
As of Thursday, there were a total of 18.257 million ETH tokens staked, up from 18.131 million on Monday.
Traders responded by aggressively unwinding bearish bets that the upgrade would trigger short-term sell pressure, sending ETH crashing above $2,100.
And the bulls seemingly remain in control. According to separate data presented by coinglass, the funding rate on leveraged ETH futures positions remains positive.
This means that traders opening leveraged
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