According to Cointelegraph: The last 24 hours saw the crypto market liquidating over $624 million of leveraged positions, of which 83% were long positions. If Ether's (ETH) price descends below the $3,100 mark, over $212 million of leveraged long positions could face liquidation, foreshadowing increased market turbulence.

ETH exchange liquidation map. Source: Coinglass

In the 24 hours leading up to 10:40 am UTC, Ether tumbled 9.3% to $3,254, marking an over 18% drop on the weekly chart. A further dip to $3,100 threatens to liquidate over $212 million worth of long leverages, as per Coinglass data. Subsequently, if Ether plunges below the psychologically significant $3,000 level, liquidations could touch the $237 million mark. These looming liquidation scenarios stem from recent price volatility that triggered $624.4 million worth in liquidations over the past 24 hours, predominantly affecting long positions.

Liquidation heatmap. Source: CoinGlass

Experts predict a potential period of market recalibration due to the recent pullback in Bitcoin's price since March 14, which may influence the wider crypto market.

However, despite the potentially bearish outlook for Ether, Bitfinex predicts a possible short-term upward trajectory budding from recent net outflow data. The data shows that Ether net outflows from exchanges hit a record high as 154,000 Ether moved off exchanges on March 11, thereby reducing available supply and potentially giving rise to an upward price movement for Ether.