Important points
- Ethereum fell to $3,700 as traders’ short positions surged.
- Santiment analysis suggests that a rise in bearish sentiment may precede a price rebound.
Ethereum fell to $3,700 as traders increased their short positions against the blockchain network, with cryptocurrency analysis provider Santiment suggesting that growing bearish sentiment could signal a potential price rebound.
Cryptocurrency analysis shows that the supply of Ethereum on exchanges has reached unusually low levels, with short positions accumulating, creating a situation with potential upward price pressure similar to previous market cycles.
Recent on-chain data shows that exchanges’ Ethereum reserves are rapidly decreasing, indicating that potential sales and price bounces could be magnified as short positions are liquidated.
