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Analyze Ethereum
Ethereum recently broke below the key support level of $2,350, triggering over $250 million in long liquidations, with market sentiment significantly impacted by geopolitical tensions and macroeconomic uncertainties.
Data shows that long-term holders and 'smart money' are strategically exiting, such as the OG wallet selling 5,000 ETH around $2,400, indicating a loss of confidence. The annual burn rate has surged to a six-month high, further confirming the activity of dormant coins, which may signal structural selling pressure.
The current price of $2,252 is approximately a 12% drop from the psychological support level of $2,000, which is not out of reach amid risk-averse sentiment. Positioning data shows a liquidity cluster of $58.69 million for longs around $2,239, indicating persistent bearish pressure.
If market confidence continues to remain low and geopolitical risks are not alleviated, ETH may further decline towards the $2,200 or even $2,000 range. In the short term, attention should be paid to the movements of large holders, funding rates, and the impact of macro events on market sentiment.
#ETH
Ethereum recently broke below the key support level of $2,350, triggering over $250 million in long liquidations, with market sentiment significantly impacted by geopolitical tensions and macroeconomic uncertainties.
Data shows that long-term holders and 'smart money' are strategically exiting, such as the OG wallet selling 5,000 ETH around $2,400, indicating a loss of confidence. The annual burn rate has surged to a six-month high, further confirming the activity of dormant coins, which may signal structural selling pressure.
The current price of $2,252 is approximately a 12% drop from the psychological support level of $2,000, which is not out of reach amid risk-averse sentiment. Positioning data shows a liquidity cluster of $58.69 million for longs around $2,239, indicating persistent bearish pressure.
If market confidence continues to remain low and geopolitical risks are not alleviated, ETH may further decline towards the $2,200 or even $2,000 range. In the short term, attention should be paid to the movements of large holders, funding rates, and the impact of macro events on market sentiment.
#ETH
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ETH
2,177.86
-10.25%