According to the current derivatives data, ETH price fluctuations may be affected by nearby liquidation zones.

Crypto.com API data shows that as of 2026-02-04 19:08 (SGT), the quote for $ETH /USD is 2,233, with a 24-hour fluctuation range of 2,347-2,107. The on-chain liquidation heatmap indicates that there is a long liquidation area with a scale exceeding 1 billion USD approximately 3.9% below the current price; there is a short liquidation area with a scale of about 800 million USD approximately 6.0% above the current price.

When the price approaches these high liquidation density areas, the on-chain liquidation mechanism may be triggered, thereby amplifying short-term price fluctuations. The current market focus is on: if the funding rate remains low and open contracts remain high, the liquidation risk will continue to accumulate; if open contracts decrease during price consolidation, it may indicate a reduction in market leverage.

Current technical analysis generally views this pullback as a continuation of the existing pattern and focuses on the performance of subsequent key support levels.

#ETH #MarketAnalysis #LiquidationData

(Data source: Crypto.com API)