900 million dollars from uncovered selling positions in Ethereum indicate traders' response

Derivatives traders for Ethereum (ETH) have reacted to the altcoin's failure to hold the $3,500 level by increasing their short positions. This rise in bearish bets suggests that the majority of traders expect further declines in the price of ETH.
However, do other metrics align with this sentiment? This analysis explores whether these traders may make the right decision — or if the data indicates a potential recovery.
Sell positions exceeded buy positions on Ethereum amid profit-taking
As of writing this report, the liquidation map reveals that Ethereum derivatives traders have opened short positions totaling $918 million since the cryptocurrency's price dropped yesterday.
In trading, going long or short represents the trader's expectations for price movement. Opening a long position indicates that the trader believes the price will rise. Going short, on the other hand, indicates that they expect a decrease.
Currently, the value of ETH long positions is around $218 million, highlighting that short positions have significantly exceeded the bullish exposure by $700 million. However, it is important to note that if the price of Ethereum rises towards $3,700, most of these highly leveraged positions may face liquidation.
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