ETH breaks below the key support of $2584, short-seller pressure fully erupts!
The contract expiration at 3 AM triggered a series of liquidations of long positions, with the current price at $2593 (down 4.2% for the day). The 60-hour moving average at $2622 serves as a strong resistance level.
On-chain data shows that whale addresses sold 127,000 ETH in the last 24 hours, completely losing the support around the $2700-2800 cost zone, with short-term selling pressure continuing to increase. The main players' strategy is eerily similar to last December: first, they hype up altcoins to attract retail investors, and as soon as the price approaches $2800, they immediately initiate programmed selling.
The ETH balance on exchanges has exceeded 25 million coins, which could trigger a large-scale sell-off at any moment. Technically, the market has completely broken down: the price has fallen below the key support level of $2635, triggering programmed stop-losses that led to the liquidation of $280 million in long positions within 15 minutes.
Key points to focus on: 1. Can it hold the defensive level of $2550? 2. Will the ETH balance on exchanges continue to increase? Currently, market sentiment is extremely fearful, and it is recommended that holders set a stop-loss at $2550, while those without positions should wait for stability signals below $2500.
