Binance Futures: Ethereum ($ETH ) extended its decline, triggering liquidation of long positions totaling $379,200 at $3,561 and $3,551.
📉 Details of liquidations:
$58.2K at $3,5610
$321K priced at $3,551
📊 Situation analysis:
Price decline: Bearish pressure intensified, breaking key support levels.
Massive Liquidation: The closing of large long positions indicates a weakening of buying activity in the short term.
📈 Market Impact:
Continued Pressure: Liquidations like these could add to the bearish sentiment and lead to further declines.
Volatility on the rise: ETH is showing strong moves that could attract new traders to the market.
🔮 What's next?
ETH will test the next support levels around $3,540 and $3,500. Traders should be prepared for high volatility and consider the potential for short-term corrections. ⚠️