As Ethereum Hits 7-Month High, $11M Shorts Wiped Out In Just 12 Hours

Over $11 million worth of Ethereum (CRYPTO: ETH) shorts have been liquidated in just a 12 hour span.

This comes as ETH breached the $1,900-mark for the first time in over seven months, a week before staking withdrawals are enabled in the next major update.

What Happened: CoinGlass data reveals that total Ethereum liquidations in the past 12 hours are estimated to be around $14.3 million, with shorts accounting for 81% of this amount.

During the past 24 hours, a total of 30,792 traders were liquidated, with the majority of liquidations occurring on shorts. The total value of liquidations was $101.58 million.

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According to CoinMarketCap, the last time Ethereum’s value broke the $1,900 barrier was on Aug. 16, 2022, during a global crypto sell-off when the U.S. Federal Reserve had raised the fed interest rate to battle inflation.

The current surge in Ethereum’s value comes ahead of the Ethereum Shanghai hard fork, scheduled for April 12. A key change brought by this update will be the implementation of EIP-4895, which will allow validators and stakers to withdraw staked ETH from the beacon chain.

Price Action: ETH was trading at $1,912, up 5.70% in the last 24 hours, according to Benzinga Pro data.

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