Ethereum (ETH) staged a powerful rally on August 8, breaking above the $4,000 mark for the first time since December 2024 and triggering massive short liquidations. According to Coinglass data, more than 95,000 traders were liquidated within 24 hours, with total liquidations reaching $350 million. ETH short contracts accounted for over $173 million—more than 60% of all short liquidations.
Eric Trump Trolls Short Sellers
Eric Trump, Vice President of the Trump Organization, took to X (formerly Twitter) to mock traders betting against Ethereum. “It puts a smile on my face to see ETH shorts get smoked today,” he posted, adding that those who continue shorting both ETH and Bitcoin (BTC) “will be run over.” His comments quickly went viral, reflecting the bullish sentiment sweeping through the crypto space.
Ethereum Price Action and Liquidations
ETH rallied 25% over a single seven-day period, currently trading near $4,240 after briefly touching $4,250. Technical indicators show a bullish structure, with a breakout above $4,250 on volume potentially targeting $4,300 and then $4,500. The liquidation data reveals a stark imbalance: short liquidations dwarfed longs, confirming the pain inflicted on bears.
Market Outlook
With Ethereum reclaiming key resistance levels, analysts expect further upside momentum. If ETH holds above $4,200, the $4,000 zone could become a strong support level. Bitcoin also benefited, briefly pushing back above $70,000. Social media buzz suggests many believe this rally is just the beginning, with some predicting a new all-time high within weeks.