Ethereum Short Positions Surge to $900 Million Amid Price Decline
Ethereum’s recent dip below the $3,500 mark has sparked a flurry of activity among derivatives traders, with short positions on the rise by a whopping $918 million. This surge in shorts comes as traders brace for further declines in the price of ETH, following its inability to hold above the $3,500 threshold.
On the flip side, realized profits have also seen a significant bump, hitting $659 million. This increase in profits has helped to reduce the risk of liquidation for short positions, unless Ethereum makes a sharp recovery above $3,700.
Looking at the technical analysis, ETH’s drop below the support of an ascending channel indicates a possible further decline to around $3,033. This suggests that traders are preparing for a potentially rocky road ahead for Ethereum’s price movement.
It’s clear that traders are closely monitoring ETH’s price movements and adjusting their positions accordingly in response to market trends. As always, it’s crucial to stay informed and cautious when navigating the world of cryptocurrency trading. Stay tuned for more updates as the situation unfolds.
