Ethereum Approaches All-Time High with Positive Pennant Formation

Ethereum's Price Action: Ethereum is forming a bullish pennant near its all-time high, with $4,600 acting as strong support, indicating potential for a breakout to new highs.

Derivatives Market Activity: Although Ethereum derivatives volume has decreased significantly, Binance's top traders are showing strong long positions, suggesting institutional optimism remains.

Liquidation Trends: Short liquidations have dominated the market, with $20.7 million liquidated in 24 hours, indicating continued upward momentum and pressure on bearish positions.

Market Sentiment: Despite a slowdown in trading volumes, open interest remains stable, reflecting trader commitment, while liquidation data shows increasing vulnerability of sellers during upward price movements.