Ethereum Surges Over 29%, Signaling Potential for Further Upside

Ethereum’s price experienced a significant rally, jumping over 29% between May 8th and May 9th, defying expectations after an extended bearish period. This surge has led to the liquidation of over $400 million in short ETH futures positions, suggesting that whales and market makers were caught off guard. Despite this impressive climb, trader sentiment remains cautious, with demand for ETH derivatives remaining muted. Whether this indicates a genuine shift or simply another false positive remains unclear.