- ETH was trading at $2,999 at the time of this publication.
- Ethereum’s cumulative short liquidation rose to over $800 million.
After experiencing a price drop on May 7, Ethereum [ETH] There were more liquidations in long positions. Consequently, more traders opted for short positions.
As a result of this increased short selling activity, the price of Ethereum fell further, falling below the $3,000 price range during the May 8 trading session.
Ethereum Traders Bets on Falling Prices
AMBCrypto’s analysis of Ethereum glass currency settlement map indicated a predominance of short positions at the time of writing.
Cumulative short liquidation leverage for the 24-hour period has increased to over $800 million.
This suggests that traders are increasingly taking short positions, indicating their expectation that the ETH price will continue to fall in the near term.
A closer examination of the map revealed that the leveraged position accumulated over the past seven days has exceeded $1.7 billion.
Given the prevailing trend in the previous session, this current positioning of traders is not unexpected.
Ethereum Longs Feel the Pressure
Ethereum long positions have seen more liquidations than short positions over the past three days.
AMBCrypto’s look at Coinglass The liquidation chart revealed that between May 6 and 7, long positions exceeded $78 million.
In contrast, short-term settlements, during the same period, amounted to approximately $18.3 million.
This trend persisted at the time of publication, with long liquidations exceeding $7 million, while short liquidations volume stood at around $1.6 million.
Read Ethereum [ETH] Price prediction 2024-25
ETH goes further
The look at AMBCrypto Ethereum The daily price trend on the time frame revealed a notable three-day drop.
Trading at around $2,999 at the time of writing, down less than 1%, the price movement indicated some level of volatility as represented by the Bollinger Band.
This drop has further entrenched ETH in a downtrend, with the Relative Strength Index (RSI) at 40, indicating strong bearish sentiment.
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