$ETH experienced a long liquidation near $2971.69, indicating that bullish positions were over-leveraged and failed to sustain higher prices. This suggests rejection from a local resistance area, where buying momentum weakened and sellers stepped in. Long liquidations of this nature often lead to short-term corrective moves or consolidation as leveraged positions are flushed from the market. After such events, price may revisit lower demand zones before stabilizing. Any bounce without strong volume could face selling pressure from trapped longs looking to exit. Short-term risk remains elevated below reclaimed resistance.
ETHUSDT
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2,974.35
-0.17%