Ethereum ($ETH ) continues to strengthen, liquidating a $215,000 short position at $3,609.22.
📊 What happened?
Strong Rise: ETH price continues to rise, forcing short traders to close their positions at a loss.
Short Squeeze: Liquidation of a large position has increased the upward momentum, pushing ETH price to new highs.
📈 Market Impact:
Strengthening the bullish trend: Liquidations of large positions support the market, stimulating additional buying pressure.
Sentiment Change: Large short liquidations boost bulls' confidence, increasing chances of further gains.
🔮 What's next?
ETH could continue to rally, approaching resistance levels around $3,650. Traders should keep an eye on the price action to assess the potential for further bullish moves. 🚀
