Some whales are taking a $12 million short position on Ethereum, indicating they are optimistic about potential downside opportunities. However, if the bulls take control of the market, these positions could result in significant losses. Long positions are almost evenly matched with shorts, but higher short positions could discourage short-term holders and trigger sell pressure. The level of sell pressure and bearish expectations are rising, suggesting ETH may face more sell pressure in the next few days, although there is still a chance that whales might push the price up and trigger short liquidations.
AI Sentiment: Negative