Ethereum (ETH) has experienced a significant surge, currently trading at approximately $2,339.41, marking a 19% increase from the previous close. This rally has been fueled by over $265 million in short liquidations and heightened derivatives activity, indicating strong bullish momentum .
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📉 ETH Short Trade Setup (May 9, 2025)
Market Context
Current Price: ~$2,339.41
Recent High: $2,456.64
24-Hour Range: $1,957.99 – $2,456.64
Market Sentiment: Bullish, with ETH posting a 31.3% weekly gain and trading volume reaching $478.92 million in a day .
Trade Plan
Entry Point: Consider entering a short position near the resistance zone of $2,450–$2,500, especially if there's a rejection or bearish candlestick pattern.
Stop Loss: Place a stop loss above $2,500 to protect against a breakout to new highs.
Take Profit Targets:
TP1: $2,200 – recent support level
TP2: $2,000 – psychological support level
TP3: $1,940 – micro support zone