A massive $9.9223K worth of $ETH long positions have been LIQUIDATED at $3,653.84.
The market just reminded us how volatile crypto can be. This sharp movement wiped out leveraged long traders who anticipated a further rise but were caught off guard. Here's a breakdown:
What Happened.
Long Liquidations: Traders holding long positions were forced out as the price dipped to $3,653.28.
Liquidation Volume: $9.9223K in value – a significant amount, signaling a high leverage game in play.
What Does It Mean.
1. Bullish Momentum Under Pressure: A liquidation of this size suggests leveraged traders were overconfident in $ETH upward momentum.
2. Market Manipulation Possibility: This could be whales or institutions taking out leveraged positions to accumulate $ETH at lower prices.
3. Support Level Testing: $3,653.28 could act as a key support zone now. If breached, it might invite more downward pressure.
Key Levels to Watch
Immediate Resistance: $3,750 (for recovery).
Critical Support: $3,600 (to avoid cascading liquidations).
Pro Tip for Traders.
Keep an eye on volume and open interest to gauge market sentiment.
Use stop-loss orders to avoid unexpected liquidations in these volatile conditions.
Stay cautious, stay informed, and trade wisely. The crypto market is as thrilling as it is risky.
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