$ETH Liquidated Long: $126K at $3595.90
What happened?
Ethereum (#ETH ) just saw a massive liquidation, with a $126K long position getting wiped out at the price of $3595.90.
This liquidation marks a sharp move in the market, where traders holding leveraged positions got caught in the downturn.
When such large positions are liquidated, it often triggers a further price drop, creating a cascade effect that can lead to more liquidations.
What’s next for #ETH ?
The market might experience some additional selling pressure in the short term as a result of this liquidation.
We could see the price dip below the $3500 mark, especially if more leveraged positions are forced out.
However, once the selling pressure subsides, Ethereum could find support and potentially recover if the broader market stabilizes.
Next Steps:
Watch for support levels:
Keep an eye on the $3400-$3500 range. If ETH can hold above this zone, it may signal a potential rebound.
Look for consolidation:
A period of sideways movement or consolidation would be a good sign of market stabilization after the liquidation.
Manage risk:
Stay cautious, as the market is still volatile. Any signs of further drops could lead to more liquidations.
Ethereum is definitely facing a rocky patch, but if it manages to bounce back, there could be opportunities ahead.
Stay sharp and trade smart!