{"id":393610,"date":"2024-05-21T20:30:21","date_gmt":"2024-05-21T15:00:21","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=393610"},"modified":"2024-05-21T14:36:55","modified_gmt":"2024-05-21T09:06:55","slug":"ethereum-short-squeeze-3600-rally-wipes-out-80-million","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-short-squeeze-3600-rally-wipes-out-80-million\/","title":{"rendered":"Ethereum short squeeze: $3,600 rally wipes out $80 million!"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Ethereum was trading at over $3,600 as of this writing.<\/span><\/em><\/li>\n<li><em><span style=\"font-weight: 400;\">Over $80 million was liquidated in short positions with the recent price rise.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><a href=\"http:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\">Ethereum [ETH]<\/a> has recently surged above $3,000 once more. With ETH surpassing this mark, it could establish a new support level, as many addresses have acquired it at this price. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This potential new support level was further supported by a significant spike in ETH Open Interest, which has reached its highest level in months.<\/span><\/p>\n<h4><b>Ethereum price hits demand zone<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">According to data from <a href=\"https:\/\/x.com\/intotheblock\/status\/1792584844603531493?s=46\" target=\"_blank\" rel=\"noopener\">IntoTheBlock<\/a>, <a href=\"http:\/\/ambcrypto.com\/ethereum-clears-this-key-hurdle-whats-next-for-eths-price\/\" target=\"_blank\" rel=\"noopener\">Ethereum&#8217;s<\/a> recent rise above $3,000 has placed it in a significant demand zone.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The data indicated that at this price range, ETH experienced historic accumulation, with over 5 million ETH being acquired by 2.96 million addresses. This accumulated volume is now valued at over $18.3 billion at the current price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, Ethereum&#8217;s market cap was approximately $440.5 billion. Given the volume of ETH acquired at this level, the $3,000 price zone could act as a strong support for the cryptocurrency.<\/span><\/p>\n<h4><b>Ethereum sets single-day spike record<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">AMBCrypto&#8217;s analysis revealed that <a href=\"http:\/\/ambcrypto.com\/ethereum-price-prediction-will-etfs-finally-take-eth-beyond-4k\/\" target=\"_blank\" rel=\"noopener\">Ethereum&#8217;s<\/a> price surged by over 19% on 20th May. On the daily chart, the price spiked to over $3,661, marking a 19.23% increase. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was the first time in over a year that Ethereum experienced a single-day spike of over 19%, and the first time since April that it reached the $3,600 range.\u00a0<\/span><\/p>\n<figure id=\"attachment_393664\" aria-describedby=\"caption-attachment-393664\" style=\"width: 1793px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-21_08-07-36.png\"><img decoding=\"async\" class=\"wp-image-393664 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-21_08-07-36.png\" alt=\"Ethereum price trend\" width=\"1793\" height=\"740\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-21_08-07-36.png 1793w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-21_08-07-36-300x124.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-21_08-07-36-1024x423.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-21_08-07-36-768x317.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-21_08-07-36-1536x634.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-21_08-07-36-1200x495.png 1200w\" sizes=\"(max-width: 1793px) 100vw, 1793px\" \/><\/a><figcaption id=\"caption-attachment-393664\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">At the time of writing, ETH was trading at around $3,650, with a slight decline of less than 1%. Notably, the price had flipped the small Moving Average (yellow line) to support, which had previously acted as resistance around $3,100.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The number of addresses and the volume of ETH purchased around the $3,000 level could help establish $3,000 as a strong support, as indicated in earlier analysis. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, whales buying ETH at the current price level might further reinforce this support.<\/span><\/p>\n<h4><b>Whales accumulate more ETH<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">An analysis of <a href=\"http:\/\/ambcrypto.com\/ethereum-whale-accumulates-15k-eth-will-this-finally-help-prices\/\" target=\"_blank\" rel=\"noopener\">Ethereum&#8217;s<\/a> supply distribution revealed increased activity among whales in the last 24 hours. According to AMBCrypto&#8217;s analysis of Santiment charts, the number of active addresses has been steadily increasing over the past few days.\u00a0<\/span><\/p>\n<figure id=\"attachment_393666\" aria-describedby=\"caption-attachment-393666\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Ethereum-ETH-08.38.29-21-May-2024.png\"><img decoding=\"async\" class=\"size-full wp-image-393666\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Ethereum-ETH-08.38.29-21-May-2024.png\" alt=\"Ethereum supply distribution\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Ethereum-ETH-08.38.29-21-May-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Ethereum-ETH-08.38.29-21-May-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Ethereum-ETH-08.38.29-21-May-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Ethereum-ETH-08.38.29-21-May-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Ethereum-ETH-08.38.29-21-May-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Ethereum-ETH-08.38.29-21-May-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Ethereum-ETH-08.38.29-21-May-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-393666\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">In the last 24 hours, whale wallets holding 100,000 to 1 million ETH purchased over 110,000 ETH, valued at over $360 million at the current price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another metric indicated that more money continues to flow into Ethereum, further supporting its upward trend.<\/span><\/p>\n<h4><b>Ethereum\u2019s Open Interest surge to record-high<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">An analysis of Ethereum&#8217;s Open Interest revealed a significant spike, reaching its highest level in over a year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to AMBCrypto&#8217;s review of <a href=\"https:\/\/www.coinglass.com\/currencies\/ETH\" target=\"_blank\" rel=\"noopener\">Coinglass<\/a> charts, ETH Open Interest was approximately $16.8 billion at the time of writing. This surge in Open Interest indicates a substantial cash inflow into Ethereum as its price surpassed the $3,500 mark, signaling a bullish trend.<\/span><\/p>\n<figure id=\"attachment_393668\" aria-describedby=\"caption-attachment-393668\" style=\"width: 1852px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/download-1-3.png\"><img decoding=\"async\" class=\"size-full wp-image-393668\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/download-1-3.png\" alt=\"Ethereum Open Interest\" width=\"1852\" height=\"525\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/download-1-3.png 1852w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/download-1-3-300x85.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/download-1-3-1024x290.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/download-1-3-768x218.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/download-1-3-1536x435.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/download-1-3-1200x340.png 1200w\" sizes=\"(max-width: 1852px) 100vw, 1852px\" \/><\/a><figcaption id=\"caption-attachment-393668\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">\u00a0Read <a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\/\" target=\"_blank\" rel=\"noopener\">Ethereum (ETH) Price Prediction<\/a> 2024-25<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Further confirming the bullish sentiment was the funding rate, which has risen to its highest point since April. At the time of writing, the funding rate was around 0.02%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The increase indicates a rise in positive sentiment, with buyers and long position holders dominating the market.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum has returned to above the $3,000 price level, which is a major demand level.<\/p>\n","protected":false},"author":76,"featured_media":393680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[32,66,3,4,20],"tags":[],"class_list":["post-393610","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum short squeeze: $3,600 rally wipes out $80 million! 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