Ethereum Shorts Grow to $85M as Traders Bet on Rebound

Ethereum has been trading in a tight range near $1,700 for four days, but despite this consolidation, whale wallets are taking large leveraged short positions. One such position is worth $85.28 million, with over $1.43 million in unrealized profit.

This bearish activity from whales does not match the broader derivatives market, where 73% of open positions are long and only 26% are short. This split between two forces leaves Ethereum trapped between $1,600 and $1,700 unless derivatives demand forces short liquidations and pushes price toward $1,850 resistance.

The current range is crucial because repeated failures near $1,700 have kept sellers active, while each defense of the lower band has delayed a cleaner bearish break. As Ethereum struggles to rebuild momentum after broader market weakness hit large-cap altcoins, traders are waiting for a rebound.