If Ethereum surpasses $3550, cumulative short liquidation pressure from mainstream centralized exchanges will total $892 million. This potential breach is significant as it may trigger widespread liquidations among traders who are betting against the cryptocurrency’s price. Centralized exchanges facilitate a substantial volume of trades, and their cumulative short liquidation pressure can indicate market sentiment. A movement above this key price level could suggest a bullish trend that affects several market participants. Traders should closely monitor Ethereum’s price action in light of these dynamics.
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