Ethereum shows resilience with slight gains but massive liquidation highlights fragile market conditions.
What's Happening:
$ETH edges up 0.33% to $3,120 after bouncing from $3,024 low
Major whale liquidated at $3,033 for $9.8M loss as leverage positions unwind
$55M in ETH liquidations across exchanges in past 24 hours
RSI dips to 49 on daily chart, signaling potential trend fatigue
Why It Matters: The $9.8M whale liquidation serves as a stark reminder of the dangers of leveraged positions in volatile markets. While ETH showed resilience by recovering above $3,100, the elevated liquidation volumes suggest many traders are still overleveraged, creating potential for cascading selloffs if key support breaks.
Technical View: ETH rejected from the 50-day EMA at $3,280, now consolidating above $3,100. A clean daily close above $3,130 could signal end of consolidation and path toward $4,000. However, losing $3,000 support opens downside to $2,800. Whales continue accumulating despite price weakness.
🎯 Key Levels:
Support: $3,024 | Resistance: $3,151
24h Range: $3,024 - $3,151
💡 Whale liquidations often mark local bottoms - but only when leverage is truly flushed from the system
What's your take? Drop a 🔥 for bullish, ❄️ for bearish 👇
#Ethereum #ETH #WhaleLiquidation #DeFi #CryptoTrading
Disclaimer: This content is for educational purposes only and should not be considered financial advice. Always do your own research (DYOR) before making any investment decisions.
