Ethereum (ETH) Dips as Large Investors Target Overleveraged Positions Under $3.7K

Ethereum (ETH) experienced a drop to near $3,600, putting high-leverage long positions at risk of liquidation. This comes after ETH peaked at $3,850, and despite a 2% daily price drop, it remains up by almost 24% over the past week. The ETH market is now closely watching leveraged positions within the $3,600 to $3,700 range, where liquidations may be triggered should the price fall nearer to $3,600. Concurrently, large investors, such as BlackRock's ETF, continue to acquire ETH, with the latter adding over 27,000 ETH worth approximately $100 million. This comes as Ethereum prepares for the Fusaka upgrade, aimed at enhancing the network's speed and efficiency, and the launch of the Devnet-3 testnet. Analysts consider the $4,000 mark as a key hurdle before Ethereum can potentially target levels between $13,000 and $17,000.