Ethereum: $160M in shorts get wiped out – Will ETH’s rally last?
Main Idea
Ethereum's recent price surge above $3,700 triggered significant liquidations, but underlying metrics suggest potential near-term correction due to mixed holder behavior and bearish derivatives signals.
Key Points
1. Ethereum's breakout above $3,700 resulted in over $160 million in liquidations, following a similar $195 million wipeout at the $3,500 level.
2. 7-day Netflow surged by 171.75%, indicating renewed interest, but 90-day Netflows remained bearish (-2512.17%), suggesting long-term distribution.
3. 90-day Spot Taker CVD showed Taker Sell Dominant behavior, with sell orders outpacing buys, indicating lack of conviction from spot participants.
4. Derivatives market signals bearish recalibration, with Long/Short Ratio at 0.96 (51.01% short vs. 48.99% long).
5. Weighted Sentiment cooled post-breakout (+1.48), and Social Dominance data hinted at weakening upward momentum without strong catalysts.
Description
Ethereum’s rally lacks strong backing, as sentiment cools and derivatives tilt bearish again.
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