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Ethereum’s next big move could be more than just breaking a round number, as it may set off a massive short squeeze worth nearly a quarter of a billion dollars. According to CoinGlass data, if ETH climbs past $5,100, approximately 52,430 ETH in short positions on Hyperliquid — worth about $247,764,368 at current prices — would be liquidated instantly.
Currently, ETH is trading near $4,718, meaning the trigger point is close. The liquidation map shows a dense cluster of short positions with liquidations between $5,000 and $5,120, like a wall of dominoes ready to fall.
Once that line is crossed, the forced closing of those shorts would result in automatic buy orders flooding the market and potentially adding fuel to an already impressive rally.
On the chart, Ethereum has been performing exceptionally well. It is up nearly 10% in the past week, adding over $400 per coin and breaking through levels that held it back earlier this year, with the $4,900-$5,000 range in sight and minimal technical resistance before that liquidation zone — and that is exactly why it is getting so much attention.
Fuel to Ethereum (ETH) price
Short positions of this size can trigger a chain reaction. The amount of $5,000 is a psychological level, but risk lies above it. ETH may surge past expectations, reaching unprecedented heights not seen since 2021.
For now, the market is watching the gap close day by day. A $300 push from here could determine whether ETH moves higher slowly or quickly breaks through resistance, leaving the short side struggling to keep up.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team