Ethereum traders are heavily entering short positions, reaching record levels that may lead to significant price increases.
Record Short Positions in ETH
According to recent data from the Ethereum futures market, net leveraged short positions have hit an all-time high of 11,057 contracts. This figure shows a dramatic rise in bearish bets, surpassing any previous levels seen in the past three years.
Current Price and Ethereum Market
Currently, Ethereum is trading at $2,440, down 2.15% over the past 24 hours and nearly 5% for the week. Its market cap stands at $294.5 billion, with a 24-hour trading volume declining 15%, indicating decreased market participation.
Outlook for Ethereum in the Near Future
Given the extreme levels of bearish bets, Ethereum appears to be at a critical juncture. If there is a bullish catalyst, this could trigger volatile price movements with forced liquidations of short positions.
Ethereum is currently in a highly volatile situation, with traders closely monitoring any signs that may indicate a significant trend change.
