Ethereum (ETH) Reclaims the $2200-$40000 Range. This Could Spark a Rally

Cryptocurrency markets have seen a shift in recent days, with Bitcoin struggling to break above $70,000 and Ethereum showing signs of recovery.

As of May 12, 2025, Bitcoin is trading at $69,690, while Ethereum is at $2,528. Both cryptocurrencies have faced resistance at key price levels, leading to a potential change in trend.

Bitcoin: Struggling to Break Above $70,000

Bitcoin has been attempting to break above the $70,000 resistance level for several days now. The price has dipped below the critical support at $67,000, but it seems to be holding at the $66,000 level.

A break above $70,000 could open the door for a move toward the $75,000-$80,000 range, while a drop below $60,000 would be a strong bearish sign.

Technical indicators are mixed, with the Relative Strength Index (RSI) at 68.72, indicating overbought conditions. However, the Moving Average Convergence Divergence (MACD) is signaling a potential bullish reversal.

Ethereum: Reclaiming Key Range and Facing Next Resistance

Ethereum has shown remarkable strength, bouncing back from a dip below $2,200 to secure the critical range and setting the stage for further gains.

If Ethereum can maintain its position above the $2,500 region, it could set the scene for higher gains. Analysts believe that retaining this support might open the door for a move toward the $3000 mark.

The next resistance level for Ethereum is at $2,700, which could be tested if the volume continues to provide the necessary support for the rally.

Liquidation Statistics Highlight Market Sentiment

Coinglass’s liquidation statistics provide further information about market sentiment. With total liquidations reaching $37.17 million on May 11, 2025, Ethereum’s shorts accounted for $27.63 million.

The data suggests that many traders were positioned against the rally, leading to a short squeeze. The high liquidation volume in major exchanges, such as Binance and OKX, highlights the intensity of this squeeze, fueling Ethereum’s fast price rise.

Overall, the cryptocurrency market is showing signs of volatility and potential shifts in trend. Traders will be watching closely for any signs of a breakout or breakdown in the days ahead.

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