Ether remained at $2,000 while traders seek to liquidate short positions at higher levels.
The liquidity of short positions in Ether could be the next target for bullish traders who have accumulated new leveraged positions. Will $2,500 be the next stop for the price of ETH?
The current market attention could shift towards the supply zone between $2,050 and $2,100, formed at the end of last week. A clear break above that range and its establishment as support could allow ETH to significantly surpass $2,150.
Settlement data for seven days from CoinGlass shows a dense cluster of short positions above the current price. Approximately 273 million dollars in leveraged short position liquidations are situated near 2,030 dollars.
Large concentrations of short position liquidations often act as magnetic levels for the price. A move toward that zone could trigger forced buybacks of over-leveraged short positions, which could accelerate volatility upwards if activated in rapid succession.
Many analysts agree that $ETH will break 2150 and go up to 2500!
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