Ether (ETH) surged to test the $1,950 level on Tuesday for the first time in seven weeks, catching leveraged short sellers off guard and triggering $62 million in liquidations across bearish
Ether (ETH) surged to test the $1,950 level on Tuesday for the first time in seven weeks, catching leveraged short sellers off guard and triggering $62 million in liquidations across bearish positions. The move extended ETH’s recovery to 29% from its June 26 low of $1,500, running alongside Bitcoin’s (BTC) push above $66,500 as a broader risk-on mood swept crypto markets.
ETH’s climb closely tracked overall crypto market momentum, which turned positive in July. Gains in US equities on Tuesday eased investor concern about stretched valuations following the artificial intelligence stock rally, with traders expecting solid corporate earnings after 3M Company (MMM US) reported results Tuesday morning. The next major test arrives Wednesday, when Alphabet, Google’s parent company, reports quarterly results after US markets close. Investors are watching for 64% growth in cloud services revenue driven by heavy AI spending. Strong guidance could push total crypto market capitalisation past the $2 trillion mark.
