Ethereum's Bumpy Ride: Short Position Yields 2.25% Gain

Abirstock, a TradingView user, recently took a short position on Ethereum after it surged by about 9% following the latest U.S. inflation data. Despite ETH's jump to $2,613, Abirstock saw this as an opportunity to short-sell rather than chase the rally.

The main reason for this decision was the $2,567 resistance area, which Ethereum struggled to move decisively above. Abirstock wanted to see stronger volume before considering the move a valid breakout.

Abirstock closed the position at $2,551, gaining about 2.25%. This was a paper trade on TradingView.

The broader outlook for ETH remains constructive, according to Reuters, who identified a bull-flag pattern with a potential move toward $3,050 if resistance breaks. However, Abirstock is cautious due to concerns over Fed policy and Treasury yields, which have pulled Bitcoin back toward $77,000.