Major $ETH Market Action Alert!
The market just witnessed a thrilling short squeeze as $35.9K worth of Ethereum short positions were liquidated at $3,166.24.
This liquidation signals significant upward momentum as the bulls tighten their grip on the market.
For those unfamiliar, a short position is a bet that the price will drop.
When the price rises instead, these positions can face liquidation, forcing short sellers to buy back $ETH at a higher price to cover their losses.
This creates a cascade effect of buying pressure, driving prices even higher.