Ethereum Bulls Face Crucial Test as $86M Short Position Takes Aim at Key Support

Ethereum faces its biggest test of Q3 after a recent trader opened an $86.99 million short position on the cryptocurrency, with liquidation set at $2,172.

The move was likely a calculated bet on further downside, emerging in response to headlines surrounding the collapse of the U.S.-Iran ceasefire and the U.S. cutting off a trade deal with Spain.

Ethereum's price has been volatile lately, but bulls are defending a key support level at $1,580, which has acted as a major demand area over the past three years.