Ethereum short traders lost hundreds of millions of dollars as ETH nearly reached its all-time high but fell short. Over $340 million worth of ETH liquidations occurred in the last 24 hours, comprising over half of all crypto market liquidations. The cryptocurrency surged 15% to $4,842 after Federal Reserve Chair Jerome Powell hinted at interest rate cuts, but failed to break its previous all-time high of $4,878. Regulatory developments in the US and corporate treasury buys have boosted Ethereum’s appeal. Despite explosive dynamics, ETH has struggled to reach new highs, lagging behind rival tokens in the bull market.

Read more at Yahoo Finance: Quarter Billion in Ethereum Shorts Get Rekt as ETH Nears All-Time High