Ethereum (ETH) Faces Resistance at $3K Amid Rising Short Positions: A Deep Dive into What’s Next
- Ethereum (ETH) trades at $3k as traders increasingly take short positions.
- Cumulative short liquidation of Ethereum surges over $800 million.
- Long positions face more liquidations, leading to a bearish market sentiment.
As Ethereum (ETH) trades at $3k, traders are increasingly taking short positions, leading to a surge in the cumulative short liquidation of Ethereum over $800 million. Long positions face more liquidations, indicating a bearish market sentiment.
Ethereum Traders Increasingly Going Short
Following a price decline on the 7th of May, Ethereum (ETH) saw more liquidations in long positions. This led to more traders opting for short positions, causing the price of Ethereum to decline further, falling below the $3,000 price range during the trading session on the 8th of May. Analysis of Ethereum’s exchange liquidation map on Coinglass indicated a dominance of short positions, with the cumulative short liquidation leverage for the 24-hour period rising to over $800 million. This suggests that traders are expecting the price of ETH to continue declining in the short term.
