Ethereum's recent momentum tells an interesting story: if ETH rallies just 11% from current levels, nearly $3 billion in short positions face liquidation. This concentration of leverage on the downside suggests traders have built up significant bearish bets, which could amplify upside moves if sentiment shifts. When you've got that much liquidation depth stacked at a specific price level, the market mechanics tend to become more predictable—though volatility can still surprise. For anyone tracking derivative flows and market structure, this is worth monitoring closely.