The current exchange, $ETH 's short positions are being liquidated with increasing intensity, while the intensity of liquidations for long positions is decreasing.
In simple terms, this means that during price fluctuations, the pressure on short sellers to be forcibly liquidated increases as prices rise, while the liquidation pressure that long holders previously accumulated is diminishing. The short-term market is leaning more towards a bearish-driven oscillation and decline.
I believe this is the result of a rapid game between bulls and bears, with a large number of trading positions 'fighting' behind the scenes.
The short-term trend is likely to continue this oscillating decline with a slightly stronger bearish pull, as the intensity of short liquidations continues to rise, and the selling pressure from above, along with the reverse push from short liquidations, is strengthening.
However, we need to keep an eye on the key resistance above, which is around 3520, where a significant amount of selling pressure has accumulated. The key support is approximately around 3400. Once the price breaks through the upper and lower boundaries of the current liquidation dense area, the trend may change immediately.
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