Ethereum price jumps 18% in 24 hours, triggering over $1 billion in liquidations

BitcoinWorld Ethereum price jumps 18% in 24 hours, triggering over $1 billion in liquidations Ethereum (ETH) surged 18% in the last 24 hours, leading to over $1 billion in liquidations across the cryptocurrency market, according to data from CoinGlass.

The sharp move, which pushed ETH to its highest level in weeks, caught many traders off guard and triggered a cascade of forced selling. What drove the Ethereum price surge? The rally came amid a broader recovery in the crypto market, with Bitcoin also gaining ground.

While no single catalyst was confirmed, traders pointed to a combination of short covering, positive derivatives positioning, and a general risk-on sentiment in traditional markets.

The 18% jump in ETH was notable for its speed and size, as it occurred within a single trading session. Data from Coinglass showed that the liquidation total exceeded $1 billion, with the majority being short positions—traders who bet on a price decline.