🔥 Ethereum fluctuated strongly, Long "vanished" 490 million USD
Ethereum ($ETH ) just experienced an "electric shock" when it plummeted 7%, wiping out more than 490 million USD in Long positions – a record liquidation level since the beginning of the year, even surpassing Bitcoin. The main reason? Excessive leverage caused a small drop to turn into a domino effect. The funding rate also quickly reversed to negative.
However, not all news is bad. On Monday alone, more than 288,000 $ETH were withdrawn from the exchange – a sign that many big players see this as a "dip to buy more." The current important support zone is around 4,100 USD. If it breaks the 4,000 USD mark, ETH could retreat to 3,600 USD; conversely, breaking through the 20–50 day SMA will reopen the door to the 4,500 USD zone.
👉 Both the RSI and Stochastic indicators are in the oversold zone: bears still hold the advantage, but it could also pave the way for a short-term rebound. Just a gentle reminder: this is just news, not a ticket to the moon 😆