On May 20, Ethereum [ETH] spiked above a key resistance zone at $3,100 after three weeks of trying. The move comes on the heels of news of the approval of a spot Ethereum ETF, with official approval taking place on May 23.

However, since the bull run, trading volumes have dropped to levels seen in early May. The NFT market has also seen a significant drop in activity. Additionally, interest from US-based investors also dropped sharply.#ETHUSDT.

Liquidation level data from Hyblock shows that the Cumulative liq level delta (CLLD) index is negative. Now, despite the improvement over the past two days, short positions still outperform long positions.

Therefore, to trigger the liquidation of many of these bears, the price may move higher. For example, the price action on May 31 saw a similar scenario play out. Buying liquidation levels are concentrated at $3,700, just 2.4% below the market price at the time of writing, which could be swept before a recovery.