ETH Liquidation Review — $65.04 Million Liquidated, ETH Awaits the $2,000 Defense Battle

In the past 24 hours, the Ethereum futures contract market saw approximately $65.04 million in positions forcibly liquidated. Combined with the data from the previous day, Ethereum’s total liquidation amount over the past 24 hours was about $84.16 million. With the distribution between longs and shorts relatively balanced, this is in sharp contrast to Bitcoin’s liquidation structure where “shorts dominate.”

The phenomenon of both longs and shorts getting liquidated reflects that Ethereum is currently in a “volatile range-bound oscillation” pattern: the price moves back and forth, knocking out stop-losses of chasing long positions while also breaking through the defenses of chasing short positions. Long and short sides are consuming each other. This structure is often a feature of the last stage before a directional market emerges—when the long and short forces have been exhausted to a certain extent, one side’s advantage will quickly expand.

Given that Ethereum has continued to stay above $2,000 and is testing short-term liquidity gaps, what needs to be closely watched now is: if $2,000 can be stabilized, the market will start a corrective upswing; otherwise, the next support level will likely be around $1,930. In any case, at the current level, it is equally dangerous for Ethereum traders to chase shorts or chase longs. It is recommended to choose your entry timing carefully.

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