Ethereum Price Prediction Soars—$265M Liquidated, ETH Hits $2,331
Ethereum up 20% in 24 hours to $2,331—biggest one day gain of the year. Short liquidations and derivatives activity are fueling the move.

Quick overview
- Ethereum surged 20% in 24 hours to $2,331, marking its biggest one-day gain of the year, driven by short liquidations and increased derivatives activity.
- Over $265 million in short positions were liquidated, indicating potential new long positions and the possibility of a trend reversal despite Ethereum being down 26% year to date.
- The ETH/BTC Market Value to Realized Value (MVRV) ratio is at its lowest since 2019, historically signaling strong future performance for Ethereum.
- Challenges remain for sustained growth, including flat network activity and significant outflows from Ethereum-based ETFs.
Ethereum up 20% in 24 hours to $2,331—biggest one day gain of the year. Short liquidations and derivatives activity are fueling the move. According to Coinglass, Ethereum futures volume up 184%, open interest up 20%.
Over $265 million in short positions liquidated, removing downward pressure and accelerating the price up. When price and open interest go up together, it’s usually a sign of new longs being created, not just shorts being covered—could be the start of a new trend.
Despite this big move, Ethereum is still down 26% year to date. But up 54% in the last month alone as investors look for altcoin opportunities in the broader crypto volatility.
Technical Outlook: Ethereum Breaks Key Levels
Ethereum at $2,331 after big move up from $1,950 support level, broke out of the rising channel that had contained it since mid April. 50 period EMA at $1,907 was a strong foundation for this move, aligned with the lower boundary of the channel. This is big bullish momentum, next immediate resistance at $2,386, then $2,550.
But the parabolic move has pushed the MACD into overbought territory, so we should see a pullback. Watch for a retest of the $2,232 support which is the upper boundary of the channel as a healthier base for further up. Break below this and we could see $2,101 support and potentially reverse the trend.
Trade Setup:
Buy Above: $2,232
Take Profit: $2,550
Stop Loss: $2,101
Key Levels:
Immediate Resistance: $2,386
Next Resistance: $2,550
Immediate Support: $2,232
Next Support: $2,101
ETH/BTC Ratio Signals Undervaluation
A new narrative is emerging that Ethereum is undervalued relative to Bitcoin. As CryptoQuant noted on May 8, the ETH/BTC Market Value to Realized Value (MVRV) ratio is at its lowest since 2019, currently between 0.4 and 0.8. Historically, this has preceded strong ETH outperformance—seen in the 2017, 2019 and 2021 rallies.
MVRV facts:
ETH/BTC MVRV ratio: 0.4–0.8
Lowest since: 2019
Historical outcome: Preceded ETH rallies
Obstacles to Sustained Growth
Despite the bullish signs, Ethereum has some big challenges. Network activity is flat, and the deflationary supply trend has reversed with declining ETH burns. DeFi activity is plateauing and Ethereum based ETFs are seeing big outflows. Grayscale’s ETHE for example has seen billions in redemptions, institutional interest is lukewarm.
Market Concerns:
Active addresses are flat
Token supply at all time high
Grayscale ETHE facing major outflows
The ETH/BTC MVRV ratio suggests a bottom, but Ethereum may need a new catalyst—like staking for ETFs or a DeFi surge—to extend this move into a full recovery.
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