Ethereum (ETH) has delivered an exceptional performance over the past week, significantly outpacing Bitcoin (BTC) with analysts predicting further upside potential.
The crypto market experienced a sudden pause on Monday (May 12), leading to massive liquidations as both long and short positions got slashed.
According to data from CoinGlass, over $300 million in liquidations were reported over the 24-hour period, affecting more than 120,000 traders. Of the total liquidations, two-thirds were derived from long positions, while one-third came from short positions.
It’s worth noting that ETH liquidations more than doubled BTC’s, which may be related to both the altcoin’s recent explosive price action and the persistent short-selling sentiment from its previous underperformance.
The past seven days have seen Ethereum (ETH) skyrocket more than 40%, dramatically outperforming Bitcoin’s (BTC) modest 10% gain. As of press time, ETH briefly surged to $2,600 before retracing to $2,518.
The rally has now reclaimed February’s peak levels, putting the next critical resistance at $2,800 firmly in sight. As market technicians suggest, a sustained move above $2,800 could trigger a bullish advance toward $3,500. However, failure to hold momentum may see a retreat to $2,500, where strong buying interest awaits.
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