Editor's PiCK
"Ethereum Short Selling Movement Emerges... Caution Needed for Short-term Peak"
Summary
- Over $50 million worth of short positions were liquidated around the $2700 mark for Ethereum, but more than 144,000 Ethereum have flowed into futures exchanges.
- Analyst Amr Taha cautioned that traders are preparing to establish or expand short positions, indicating a potential short-term peak.
- A net outflow of over $470 million from Ethereum whale wallets supports the possibility of forming a short-term peak.
Considering the on-chain movement of Ethereum (ETH), there is an analysis suggesting a potential short-term peak.
On the 25th (local time), Amr Taha, a CryptoQuant analyst, reported that "recently, over $50 million worth of short positions were liquidated around the $2700 mark for Ethereum," but "subsequently, more than 144,000 Ethereum have flowed into futures exchanges." He continued, "This is a signal that traders are preparing to establish or expand short positions," and "caution is needed regarding the potential for a short-term peak in Ethereum."
He also noted the on-chain activities of whales. Taha stated, "Recently, Ethereum whale wallets have experienced a net outflow of over $470 million," suggesting "whales may have started realizing profits." He added, "The profit realization by whales supports the possibility of forming a short-term peak."
As of 2:48 PM, Ethereum is trading at $2509 on the Binance USDT market, down 1.48% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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