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Ethereum price crash imminent? $330 million in bearish bet spotted
The cryptocurrency market has taken a massive hit following U.S. President Donald Trump’s tariff announcement, with Ethereum [ETH] being one of the hardest-hit assets. Intraday traders have now placed a whopping $330 million in short positions, signaling an impending price crash.
According to recent data from Coinglass, these traders are over-leveraged at $1,783 on the lower side, where they have built $115 million worth of long positions. Meanwhile, $1,848 is another over-leveraged level with $330 million worth of short positions. These massive over-leveraged positions reflect the true market sentiment, which appears bearish.
ETH’s recent price action has been in a downward spiral as well. The asset was trading near the $1,800 mark at press time, which seems to be a crucial point for the upcoming price levels. Ethereum appeared to have formed a bearish cup and handle pattern on its daily chart, indicating that it may breach this level, potentially leading to a massive sell-off.
Based on historical data, if ETH were to close below $1,770, it could plummet by as much as 15% until it reaches the next support level at $1,500.
Source: https://ambcrypto.com/ethereum-price-crash-soon-330-million-in-bearish-bets-reveal/
