- Ethereum surged over 9% to nearly $2,400, its highest price in more than two months.
- The entire crypto market rallied 4.9% to $2.6 trillion after U.S. political comments on Iran.
- Bitcoin rose over 5.5% to around $74,700, triggering over $541 million in liquidations.
- Retail sentiment on Stocktwits turned bullish for BTC and remained high for ETH.
Ethereum’s price surged over 9% on Tuesday, reaching its highest level in over two months as the broader cryptocurrency market rallied on geopolitical developments. This performance notably outpaced Bitcoin, which itself hit a four-week high amid significant market volatility.
The rally was catalyzed after President Donald Trump told reporters that Iran had called seeking a peace deal. Consequently, the total market capitalization gained 4.9% to cross $2.6 trillion, reflecting broad investor optimism.
Bitcoin’s price rise to around $74,700 forced a massive unwind of leveraged positions. CoinGlass data showed over $541 million in liquidations, with the majority coming from short bets. Meanwhile, retail traders on Stocktwits shifted their sentiment on BTC to ‘bullish’ from ‘neutral’.
For Ethereum, the key question is whether it can sustainably break the $2,400 resistance level. Analyst Ted Pillows wrote that a close above $2,400 could lead to a “bull trap” between $2,500 and $2,600. He suggested a rejection from that zone would likely confirm the end of the uptrend.
Both major cryptocurrencies remain far from their all-time highs, however. Bitcoin is over 40% below its October record, while Ethereum trades more than 50% under its peak from last April.
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