$ETH Long Liquidation Alert: $11.138K at $3464.31

In a stunning reversal, Ethereum (ETH) just saw an eye-watering $11.138K long liquidation at the critical price of $3464.31, triggering a whirlwind of market turbulence.

Traders who had been betting on further price increases were forced to close their positions, amplifying the sell-off and sending shockwaves throughout the crypto world.

1. Massive Long Liquidation:

A $11.138K long position was liquidated when $ETH 's price fell to $3464.31, forcing traders to close their positions to cover losses.

This liquidation has intensified downward pressure on the price, as more long positions were forced to unwind, adding to the already bearish sentiment.

2. Market Dynamics at Play:

Several factors likely contributed to this sharp decline:

A broad market pullback, with investors locking in profits.

A failure to break through key resistance levels, leading to a shift in momentum.

The looming possibility of market uncertainty or negative sentiment in the broader economy.

Impact on ETH and the Market:

Bearish Shift:

The liquidation has accelerated the shift in sentiment, swinging the market from bullish to bearish.

ETH now faces strong resistance at $3464.31, and bulls will need to regain this level for any chance of a further rally.

Increased Volatility:

As is typical with large-scale liquidations, $ETH has become even more volatile, with rapid price swings likely to continue.

Traders must be on high alert as the market recalibrates.

Key Support Levels:

The $3464.31 price point is now a key level to watch. A failure to reclaim this level could lead ETH into a deeper correction, potentially testing lower support levels.

1. Downside Risks:

If the bearish momentum continues, ETH could dip

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