๐จ Urgent: Liquidation of Ethereum contracts worth $119.37 million in the last 24 hours, with the majority from short positions!
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๐ Most important news:
* The cryptocurrency market has seen the liquidation of Ethereum ($ETH) contracts totaling approximately $119.37 million in the past 24 hours.
* The liquidation was unevenly distributed, with the value of short contracts liquidated amounting to about $91 million, compared to only $28 million from long contracts.
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๐ก What does this mean?
* The significant dominance of short position liquidations indicates a strong "Short Squeeze," as the rapid rise in Ethereum's price forced traders to close their bearish bets, accelerating the upward momentum.
* Massive liquidations are a sign of high volatility in the market, showing that there is strong buying pressure pushing the price up, which can suddenly change market momentum.
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โ Do you think this Short Squeeze will continue to push Ethereum's price higher in the coming days?
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