Ethereum (ETH) has delivered an exceptional performance over the past week, significantly outpacing Bitcoin (BTC) with analysts predicting further upside potential.
Market Rollercoaster: $300M Liquidations Rock Crypto Traders
On Monday (May 12), the crypto rally abruptly paused, triggering massive liquidations across both long and short positions. Key metrics reveal:
- Total liquidations: $300+ million (24-hour period)
- Traders affected: 120,000+
- Position breakdown: ⅔ long positions vs. ⅓ short positions
Notably, ETH liquidations more than doubled BTC's, reflecting both Ethereum's explosive price action and persistent short-selling sentiment from its previous underperformance.
24-Hour Liquidation Heatmap, Source: Coinglass.
Ethereum's Spectacular Surge: 40% Weekly Gain vs Bitcoin's 10%
Over the past seven days, Ethereum (ETH) has skyrocketed more than 40%, dramatically outperforming Bitcoin's (BTC) modest 10% gain. At press time, ETH briefly surged to $2,600 before retracing to $2,518.
ETH Price Chart, Source: TradingView.
The rally has now reclaimed February's peak levels, putting the next critical resistance at $2,800 firmly in sight. Market technicians suggest:
- Breakout Scenario: A sustained move above $2,800 could trigger a bullish advance toward $3,500
- Support Zone: Failure to hold momentum may see a retreat to $2,500, where strong buying interest awaits
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
