Ethereum has rallied 10%, reaching 1,750 USD amid positive market sentiment and a decline in short positions on the CME. This marks a significant shift, as short positions have fallen under 500 million USD for the first time this year.
For ETH to maintain its upward momentum, it must hold above the support level of 1,688 USD. Analysts suggest that recent optimism regarding US-China tariff discussions could lead to more bullish momentum. However, any failure to hold this level may result in continued downside pressure.
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