Ethereum struggles around $3K as short positions surge: What now?

As a result of this increased shorting activity, the price of Ethereum declined further, falling below the $3,000 price range during the trading session on the 8th of May.This suggests that traders are increasingly taking short positions, indicating their expectation for the price of ETH to continue declining in the short term.Further examination of the map revealed that the cumulative leveraged position for the last seven days has exceeded $1.7 billion.

Trading at around $3k at the time of writing, with a decrease of less than 1%, the price movement indicated some level of volatility as depicted by the Bollinger Band. This decline has further entrenched ETH into a bearish trend, with the Relative Strength Index standing at 40, signaling a strong bearish sentiment.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.

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