Ether price rose 3% to $2550 on May 18, triggering $22 million in short ETH liquidations.

A bull flag on the chart suggests a $3700 target, with analysts predicting Bitcoin's price to go as high as $5000 in May.

Ether (ETH) price rose by 3% on May 18, quickly wiping out $7.5 million in short ETH futures liquidations within an hour as the cryptocurrency recovered to trade above $2,500.

Ether’s recovery was met with optimism among traders, who believe that ETH price could hit $3,000 in May, supported by strong technicals.

Several market analysts also noted that the Stochastic RSI on the weekly time frame suggests that Ether’s uptrend may continue for a few more weeks.

However, the lack of buyers above the spot price at $2,540 suggests that the cryptocurrency’s gains might be limited in the short term.

According to data from derivatives exchange Bitsamp, around $384 million worth of ask orders were lined up at prices above the spot price, which could cap the ongoing recovery.

This is in contrast to the deep levels of seller interest, which spanned over $1 billion at prices as low as $2,400. This indicated that the cryptocurrency’s downside may be capped in the mid-$2,400 range.

As the cryptocurrency continues to move sideways, traders are keeping a close eye on key support and resistance levels to anticipate the next move in Ether’s volatile market.

What happened: According to data from CoinGlass, more than $158 million in leveraged crypto positions were liquidated in the last 24 hours, with 60% of them being long positions.

Over the past hour, about $7.5 million worth of short ETH futures positions were liquidated as Ether’s price rose by 1.7% to reach $2,536.

On the other hand, the liquidation of long positions on ETH amounted to $95 million in the last 24 hours.

Crypto Patel: 3.6M+ traders on FTX and Binance liquidated in 24h as crypto market wipes $158Mn in margin positions.

CoinGlass data showed several bands of seller interest above the spot price on Bitstamp. At least 10,000 BTC were lined up in the mid-$24,000 range, while another 5,000 BTC were seen at $24,300.

Further seller interest was seen at $24,800, $25,200, $25,400 and $26,000.

In comparison, there were no buyers at prices above the spot price. The largest band of buyer interest was seen at $25,100, where 600 ETH were lined up.

This lack of buyers above the spot price suggested that the cryptocurrency’s gains might be capped in the short term.

However, the deep levels of seller interest indicated that the cryptocurrency’s downside may be limited in the mid-$2,400 range.

According to pseudonymous analyst Chimp of the North, the cryptocurrency’s downside may be capped at $2,400.

The analyst shared a chart on May 18, suggesting that the altcoin could continue its retracement to retest the $2,400 support before launching another rally toward the $3,000-$3,300 range.

The analyst said that the chart pattern indicated that a deeper retracement to the $1,800 range was possible, which could attract new buyers.

“This area is a high-probability zone for bullish re-entry if price shows support,” the analyst wrote as part of a May 17 post of X, adding:

“We can expect strong selling pressure at the $3,000-$3,300 resistance.”

According to data from derivatives exchange Bitsamp, around $384 million worth of ask orders were lined up at prices above the spot price.

This lack of buyers above the spot price suggested that the cryptocurrency’s gains might be limited in the short term.

However, the deep levels of seller interest indicated that the cryptocurrency’s downside may be limited in the mid-$2,400 range.

According to pseudonymous analyst Chimp of the North, the cryptocurrency’s downside may be capped at $2,400.

The analyst shared a chart on May 18, suggesting that the altcoin could continue its retracement to retest the $2,400 support before launching another rally toward the $3,000-$3,300 range.

The analyst said that the chart pattern indicated that a deeper retracement to the $1,800 range was possible, which could attract new buyers.

“This area is a high-probability zone for bullish re-entry if price shows support,” the analyst wrote as part of a May 17 post of X, adding:

“We can expect strong