The $1.9 million ETH naked short position on the ETH network indicates traders' response.

Ether (ETH) futures traders' response to the alternative currency failing to hold above the $3,500 level is to increase short positions. This increase in bearish bets indicates that most traders expect ETH price to further decline.
However, are other standards consistent with this feeling? This analysis explores whether these traders can make the right decision - or whether the data points to a possible recovery.
The selling position of Ethereum has exceeded the buying position, reaping profits
As of the time of writing this report, the liquidation chart shows that ETH derivatives traders have opened a total of $918 million in short positions since the Cryptocurrency prices fell yesterday.
In trading, going long or short represents traders' expectations for the price action. Opening a long position indicates that traders believe the price will pump. On the other hand, opening a Short Position indicates their expectation for the price to fall.
Currently, the value of ETH's long positions is about $218 million, which highlights the significant pump risk of shorts positions exceeding $700 million. However, it is worth noting that if the price of Ethereum pumps to $3,700, most high leverage positions may face liquidation.
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