On May 20, Ether’s price surged over 5% to approximately $2,520 amid a general recovery in the cryptocurrency market, with Bitcoin also seeing gains. This rally is attributed to record open interest in Ethereum futures, rising funding rates, and significant liquidations of short positions amounting to over $57 million in the last 24 hours. Since May 8, those betting against Ether faced approximately $913 million in short liquidations as the price rose by 40%. Additionally, Ethereum’s open interest climbed to an all-time high of 20.1 million ETH, indicative of heightened trading activity. Analysts point out that for a sustained rally, ETH must surpass key resistance levels around $2,600 to $2,800, potentially targeting the neckline of a V-shaped recovery pattern at $4,100, with a possible next move toward the all-time high of $4,800. Investor sentiment remains strong as technical indicators suggest bullish momentum, with increased inflows into ETH and institutional demand supporting this trend.

Source 🔗