Ethereum skyrocketed to a monthly high in a massive hourly candle, leaving over $150 million liquidated.
The price of ETH has exploded in the past couple of hours, reaching an intraday high at around $1420. This happens a day after developers confirmed that the ETH 2.0 merge is on track to happen in September.
According to data from Coinglass, the past four hours saw over $150 million in liquidated ETH positions.
The largest single liquidation order happened on FTX, and it carried a face value of $2.81 million.
Needless to say, the majority of the liquidated positions were short.
This happened on the back of ETH exploding by 7% in a single hourly candle, charting a high of $1422 on Binance.
The volume on that candle has been over $300 million.
The last time ETH was trading at these prices was back on June 13th, meaning that the cryptocurrency charted a monthly high.
Ethereum is up over 10% in the past 24 hours and a whopping 40% in the past 48 hours.
It’s worth noting that the increase comes a day after developers confirmed that the ETH 2.0 merge is on track to happen in September.