Ethereum Surges Past 10-Week High Amidst Record Liquidations

Crypto traders witnessed a significant event in the past 24 hours as over $630 million in leveraged positions were liquidated, with longs accounting for more than half of this total.

This sudden surge in liquidations added sharp selling pressure to the Ethereum (ETHUSD) market, causing the price to rise to a 10-week high. The ETH/BTC ratio also noted an upward trend.

The key levels to watch out for are support near $2,000 and resistance around $2,500 for spot CFD traders.