Ethereum Price Soars 18%, Triggering Record Liquidations Amid Bullish Crypto Sentiment
Ethereum's price has surged by nearly 18% on Wednesday, sparking over $1.11 billion in liquidations as short sellers scrambled to cover their positions.
The rally follows a positive sentiment across risk assets after the US Treasury doubled its debt buyback operations for long-dated bonds to $4 billion and President Donald Trump expressed bullish views on cryptocurrency at a meeting with tech executives at the White House.
Trump stated that the US is ensuring it remains 'the undisputed' leader in crypto and mentioned the Clarity Act, which he believes Congress needs to pass to keep the US ahead of China in crypto.
The Ethereum price has broken above all its immediate EMA barriers and could be eyeing $2,431 as its next notable resistance level, according to technical analysis.