Ethereum Soars 40% in a Week – Outshines Bitcoin in Stunning Rally!

TradingKey - 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 Ethereum's whopping price move 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