Ethereum’s price rebounded above $3,000, with traders watching whether the move holds or fades back below the level.
- Most major altcoins were outperforming Bitcoin on Wednesday morning, with Dogecoin and Ethereum leading gains.
- Despite the outperformance of altcoins, ITC Crypto founder Benjamin Cowen said it’s not a rotation out of Bitcoin.
- Nearly $300 million was liquidated from the crypto market in the last 24 hours, according to CoinGlass data.
Dogecoin (DOGE) and Ethereum (ETH) led gains on Wednesday morning, as major altcoins outperformed Bitcoin (BTC), which struggled to break past $90,000.
Dogecoin’s price rose 3.6% in the last 24 hours to $0.1265, while Ethereum’s price gained 3.3% to cross $3,000. Retail sentiment around the leading memecoin remained in ‘bearish’ territory, while retail sentiment around Ethereum improved to ‘bearish’ from the ‘extremely bearish’ zone over the past day.
According to crypto analyst Ted Pillows, if Ethereum closes above $3,000, its price could reach $3,200. However, should it dip back below $3,000, the move “could erase the entire pump.”
Major Altcoins Outperform Bitcoin
Cardano (ADA) gained 3% in the last 24 hours, while Solana (SOL) and Binance Coin (BNB) rose 2.7% each. Even Ripple’s native token XRP (XRP) outperformed Bitcoin, moving 1.9% higher in the last 24 hours.
Bitcoin’s price, meanwhile, rose 1.5% in the last 24 hours to trade at around $89,200 after going as low as $86,000 over the weekend. Retail sentiment on Stocktwits around the apex cryptocurrency fell to ‘extremely bearish’ from ‘bearish’ territory over the past day.
Despite the outperformance of altcoins, ITC Crypto founder Benjamin Cowen said it’s not a rotation out of Bitcoin. He added that it’s unlikely that there will be a rotation out of metals into cryptocurrencies either.
Crypto analyst Caled Franzen added that Bitcoin is in a weaker technical setup than it was in April 2025 and that he’s looking for stronger confirmation before turning bullish. Franzen said he will view Bitcoin as bullish again only once it breaks back above the 2-day 200 moving average (MA) cloud, which he believes could trigger a sharp upside move.
Liquidations Spike, ETF Outflows Return
Nearly $300 million was liquidated from the crypto market in the last 24 hours, according to CoinGlass data. Most of the forced unwinds came from short positions, amounting to around $230 million.
Meanwhile, spot Bitcoin exchange-traded funds (ETFs) recorded net outflows of more than $147 million on Tuesday. Data from Farside Investors showed that BlackRock’s iShares Bitcoin Trust (IBIT) led the withdrawals with over $102 million in outflows, followed by $44 million from Fidelity Wise Origin Bitcoin Fund (FBTC).
The overall cryptocurrency market rose 1.8% in the last 24 hours, holding above the $3.1 trillion mark.
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