Ethereum Outperforms Bitcoin As US-Iran Peace Deal Hopes Spark Over $400 Million Crypto Short Squeeze

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Key points:
The cryptocurrency market rallied on Tuesday morning after President Donald Trump said Iran had called the U.S. to strike a peace deal.
Bitcon’s price rose over 5.5% in the last 24 hours to around $74,700, its highest level in four weeks.
The overall cryptocurrency market gained 4.9% and crossed $2.6 trillion.
Ethereum (ETH) outperformed Bitcoin (BTC) after the apex cryptocurrency hit a four-week high in early morning trade on Tuesday, on hopes that a peace deal between the U.S. and Iran may still be on the cards.

Bitcoin’s price rose more than 5.5% in the last 24 hours to around $74,700, paring gains after hitting a four-week high of nearly $74,900. CoinGlass data showed over $541 million in liquidations over the last 24 hours, with $442 million from short bets forced to unwind.

Among the top 10 cryptocurrencies by market capitalization, Ethereum’s price outperformed BTC, climbing more than 9% in the last 24 hours to nearly $2,400, its highest level in more than two months.

The cryptocurrency rally that lifted the entire market by 4.9% over the last 24 hours to $2.6 trillion came after President Donald Trump told reporters that Iran is seeking to make a peace deal. “We’ve been called by the other side,” he said. “They would like to make a deal very badly.”

Retail Sentiment Around Bitcoin, Ethereum

On Stocktwits, retail sentiment around BTC rose to ‘bullish’ from ‘neutral’ territory over the past day, accompanied by chatter at ‘high’ levels. Meanwhile, sentiment around Ethereum continued to trend in ‘bullish’ territory over the past day, with chatter at ‘high’ levels.

Many users on the platform expect Bitcoin’s price to rally to higher levels and are watching to see if the apex cryptocurrency can break past resistance.

https://www.stocktwits.com/peloswing/message/650181199

For Ethereum, retail traders are watching to see if it can move past $2,400.

https://www.stocktwits.com/PhotonicDigger/message/650194961

According to crypto analyst Ted Pillows, if the altcoin closes above $2,400, it may enter a “bull trap” between $2,500 and $2,600. “A rejection from this level will most likely confirm that this uptrend is over,” he wrote in a post on X.

Bitcoin’s price remains over 40% below its record high of more than $126,000 seen in October, while Ethere: https://www.tradingview.com/news/stocktwits:4c3b6031f094b:0/