In the past 48 hours, the liquidation heatmap of Ethereum on Binance shows strong volatility characteristics. In the early hours of May 22, a sharp sell-off quickly drove the ETH price down from above 2700 to around 2500, with the liquidation dense area appearing in bright yellow, indicating a large amount of leveraged funds being liquidated and a clear sentiment panic.

Subsequently, the market experienced multiple fluctuations in the 2500-2550 range, forming a short-term support level, indicating a high intertwining of long and short funds. The price quickly rebounded and again gathered liquidation chips in the 2600-2700 range, which may become an important watershed for long and short positions in the future.

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