Ethereum ($ETH ) faced a decline, triggering liquidation of long positions totaling $569,000 at $3,583.52 and $3,584.98.
📉 Details of liquidations:
$383K at a price of $3,583.52
$186K at a price of $3,584.98
📊 What happened?
Sharp decline: ETH failed to hold current levels, leading to significant long liquidations.
Bearish pressure: The price decline intensified due to the closing of large positions with losses.
📈 Market Impact:
Weakening Buying Power: Liquidations of large longs often result in a temporary loss of bullish momentum.
Volatility Rising: Bearish pressure could cause further price swings.
🔮 What to expect next?
ETH will look for support at levels around $3,570. If the price holds, it could attract new buyers. However, the short-term outlook may remain under pressure. ⚠️