$ETHUSD_PERP Long Liquidation: $73.8K Cleared at $3,545.95

Ethereum’s perpetual futures market witnessed a pivotal moment as $73,800 worth of long positions were liquidated at the $3,545.95 level. This sudden move underscores a shift in market dynamics, as bulls faltered at a key resistance level, allowing bears to regain control.

Market Analysis:

1. Long Liquidation Event: The liquidation was triggered as Ethereum broke below a critical support zone near $3,550, leading to forced selling. Such events often amplify downward pressure, shaking out over-leveraged positions.

2. The $3,545 Level: This price has proven to be a decisive battleground, where bullish momentum failed to sustain. It has now transitioned into a key resistance zone, potentially capping upside attempts in the near term.

3. Market Context: Ethereum’s broader trend remains uncertain as macroeconomic factors and market sentiment weigh heavily. Recent volatility has shown bulls struggling to maintain control amid waning momentum and increased selling pressure.

What’s Next for ETHUSD_PERP?

With long positions unwound, Ethereum may test lower support levels around $3,500 and $3,470. A breakdown below these levels could accelerate the bearish trend. However, if bulls regroup and push prices back above $3,550, it could signal a potential recovery, with the next target at $3,600.

This event serves as a reminder of the risks inherent in leverage trading, especially in a highly volatile asset like Ethereum. Traders should remain vigilant, employing robust risk management as the market navigates this critical phase.

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