Following the surge in Bitcoin’s price beyond the $50K milestone, expectations were high among traders for Ethereum to showcase this achievement by surpassing the $3K mark. This anticipation has now ended, with Ethereum breaking through its two-year high, triggering a series of short liquidations. Consequently, this momentum has strengthened bullish sentiments, leading to a significant increase in Ethereum accumulation by investors in anticipation of further price breakouts.

-Ethereum’s $3K Milestone Brings $50 Million Liquidations.

Bitcoin’s value has surged to $53,000, yet Ethereum has surpassed the performance of BTC, soaring to $3,000 for the first time in nearly two years. These surges in price have placed traders with high leverage in a cautious position, pushing total liquidations to approximately $275 million.

Remarkably, Ethereum experienced total liquidations close to $53 million, with sellers liquidating about $35 million in positions. The beginning of this week was relatively slow, but Bitcoin aggressively surged to $53,000 just minutes ago, marking its first reach to this level since late 2021.

Ethereum has been leading the altcoin rally over the past week. This surge is possibly fueled by the excitement over the potential approval of spot Ethereum ETFs in the United States, showcasing the end of 2023’s hype for Bitcoin ETFs discussions, during which the second-largest digital asset witnessed an increase of over $500 in the past few weeks.

#ETH shows strength against BTC, will it relay the up-trend?