On September 11, Ether experienced a significant price surge, climbing 8.3% intraday to briefly exceed $2,600. This movement marks the first time the token has reached this price level in several months.
The rally was driven by a massive liquidation of short positions. According to Coinglass, over $255 million in Ether short bets were wiped out within a 24-hour period, with approximately $188 million liquidated in just one hour.
The broader cryptocurrency market saw total liquidations exceed $500 million, primarily from short positions. Bitcoin also faced liquidations totaling roughly $172 million, though its price growth remained below 4%.
Market analysts attribute the volatility to macroeconomic factors, specifically US inflation data that exceeded expectations. As prices rose, short sellers faced increasing funding rates in perpetual futures markets, eventually triggering automated liquidations.
