Ether has maintained its rally while outperforming bitcoin as market volatility prompts a surge in short ETH liquidations.
Ether short positions bore the brunt of market volatility damage as the digital asset rose above the $3,600 mark on Monday. According to Coinglass data, there were over $27 million in ether short liquidations in the past 24 hours. In the wider cryptocurrency market, there have been over $204 million in liquidations over the past 24 hours.
The analyst also pointed to the ETH/BTC pair, noting that it is currently at multi-year lows. "Ether sentiment is reflecting this: historically, when ether has been a hated asset, it has gone on to outperform bitcoin for a number of weeks or even months. The last few times it has flirted with this level, it has bounced and outperformed by up to 20% in the weeks after," Nolan said.
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