Conclusion first: this latest move in Ethereum isn’t really shorts getting hurt by longs. In the $28.93 million liquidation over four hours, nearly 90% are shorts, and those chasing the drop were taken out first.
The largest single order was on Binance: a short position of 1,109.5 ETH, liquidated around $2,747.9, worth $3.049 million. This one trade accounts for one-tenth of all liquidations in these four hours, showing that short positions are highly concentrated.
The current price is about $2,726, up 0.3% over the past 24 hours. The high is 2,748 and the low is 2,671. The price is only slightly trending upward, yet leveraged short positions have been liquidated one after another. This suggests the key issue isn’t how much prices have risen, but where the shorts have crowded.
Across the entire network, Ethereum holdings are about $26.6 billion; they increased by 1% day-on-day. If the shorts continue to chase the price down, the next liquidation cycle may still go after them first.
$ETH $BTC
Have the shorts from this wave been squeezed out? Will you keep chasing shorts?
Check in real time: https://www.coinboss.com/currencies/ETH