🔥 Ethereum Eyes $3K in May: Rebound Signals More Upside for ETH
Highlights:
ETH price jumped 3% to $2,550 on May 18, triggering $22 million in short liquidations.
Chart patterns indicate a potential rally toward $3,700, with some analysts eyeing Bitcoin at $5,000 this month.
Technical indicators suggest Ether still has momentum.
On May 18, Ether (ETH) surged over 2.5% in 24 hours to trade at $2,536, sparking renewed optimism that ETH could reclaim the $3,000 level before the end of May.
Short Sellers Squeezed as ETH Surges
Data from Cointelegraph Markets Pro and Bitsamp shows ETH climbed more than 4.5% from a low of $2,440 to a high of $2,551 in just one day. This rally triggered significant short liquidations—$22.25 million in total, including $7.5 million wiped out in a single hour—as traders betting against ETH were caught off guard by the price jump.
Crypto markets saw over $158 million in liquidations during this period, with $95 million from long positions. Ether’s rebound played a major role in shaking up the market dynamics.
Resistance Ahead?
CoinGlass data shows strong sell interest forming above ETH’s spot price, with over $384 million in ask orders stacked up to the $3,000 level. This suggests the recovery could face resistance around that price.
Momentum Remains Strong
Analysts believe the recent pullback was a healthy correction, allowing ETH to retest support before continuing its upward trajectory. According to crypto analyst Titan of Crypto, the weekly Stochastic RSI at 79 indicates that Ether “still has more gas in the tank” for further gains.
