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- 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.
Long Positions Feeling the Heat
Ethereum’s long positions have experienced more liquidations than short positions over the last three days. Between the 6th and the 7th of May, longs exceeded $78 million, while short liquidations amounted to approximately $18.3 million. This trend persisted at press time, with long liquidations surpassing $7 million, while short liquidation volume stood at around $1.6 million.
ETH to Fall Deeper?
Trading at around $3k at the time of writing, Ethereum’s daily timeframe price trend revealed a notable three-day decline. This decline has further entrenched ETH into a bearish trend, with the Relative Strength Index (RSI) standing at 40, signaling a strong bearish sentiment.
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Conclusion
With Ethereum trading at $3k and traders increasingly taking short positions, the cumulative short liquidation of Ethereum has surged over $800 million. The long positions are facing more liquidations, indicating a bearish market sentiment. Traders are expecting the price of ETH to continue declining in the short term. However, the market is volatile, and traders should tread carefully.
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