Ethereum is currently trading at 2.xxx USD, just 115 points away from the threshold of 2,202 USD. If $ETH surpasses this price point, the market could witness a total liquidation of short positions amounting to 739 million USD on major centralized exchanges.
ETHUSDT
Perp
1,915.01
-0.59%
This is a notable liquidation level, indicating that a large number of traders are betting on a bearish trend for ETH with short positions opened at lower price levels. A sudden spike in short liquidations could suggest the phenomenon of short squeeze and the possibility of price rebounding.
Over the past week, the crypto market has experienced significant volatility with hundreds of millions of USD being liquidated. The 2,200 USD region is considered a hotspot for many short orders, creating potential liquidation pressure. If the price breaks through, a domino effect could occur as short orders are consecutively closed, pushing the price higher.
BTCUSDT
Perp
65,970.1
-0.75%
AXSUSDT
Perp
1.379
-6.82%