$ETH

Walking the Tightrope of Ethereum: $1.8 Billion in Short Positions Hanging by a Thread 🎢

Ethereum recently touched its highest level in 15 weeks at $2,827, creating an interesting market scenario:

- The market whale played brilliantly, accumulating 30,000 Ethereum at $1,830 and selling it at higher prices for a profit of $31 million 💰

- Massive short positions valued at $1.8 billion could face liquidation if Ethereum breaks the $2,900 barrier, potentially leading to a significant price surge

- Despite price movements, Ethereum faces structural challenges:

* Network fees have dropped by 90% after the Cancun upgrade

* Staking yields are stuck at just 3.12%

* The percentage of 'diamond-handed' holders has decreased from 63% to 55%

Recent price action shows volatility as Ethereum tested the $2,835 level before retreating to around $2,760. With open interest in futures contracts reaching an all-time high of $40 billion, we are witnessing maximum leverage in the market which can swing dramatically in either direction.

The $2,800 level remains crucial - a sustained break could open the way to $3,200-$3,500! 📈

These are just analyses and not recommendations.

Share your opinion in the comments.