The cryptocurrency market witnessed a remarkable shift on August 9, as the price of Ethereum (ETH) surged past the $4,000 barrier, currently reaching over $4,100, achieving its highest level in eight months, resulting in massive losses for short-selling positions.
CoinGlass data indicates that short Ethereum positions faced liquidations worth nearly $207 million within just 24 hours, representing more than half of the total liquidation in the crypto market.
In a move that caught the attention of investors, Eric Trump posted a message on platform X to his approximately 5.87 million followers, advising them to stop short-selling Bitcoin and Ethereum, stating: "I’m very happy to see enormous pressure on short Ethereum positions... stop short-selling or you will get crushed."
For his part, trader Ash Crypto clarified that the $4,100 level represents an important resistance barrier, and breaking it could open the door for rapid increases towards $4,400 or even $4,500. Trader Ted added that the positive momentum is driven by increasing demand from institutions and exchange-traded funds.
Renowned trader Mustache predicted that Ethereum prices could reach $10,000, while Tom Lee, co-founder of Fundstrat, likened the current situation to Bitcoin's boom days in 2017, with the potential to reach $16,000.
According to Sosovalue data, Ethereum instant funds experienced investment inflows of nearly $800 million over the last four trading days, reflecting growing confidence in the digital currency.
However, despite the enthusiasm, the crypto market remains inherently volatile, prompting investors to proceed with caution and avoid getting swept up in the wave of optimism without assessing the risks.
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