Separate market data added short-term context to the long-term structure. Ethereum’s liquidity heatmap showed dense clusters around the $3,000 level. These clusters suggested a strong interest and positioning near support. A revisit to this zone appeared possible if resistance between $3,200 and $3,400 continued to hold.
Derivatives data revealed a large leveraged position that raised market risk. An Ethereum whale reportedly opened a $63 million short position using 3x leverage. This position carried a liquidation price near $4,545, placing it close to the long-term resistance zone.
Momentum indicators also reflected growing tension. The price chart showed strong resistance between $3,200 and $3,400. The Relative Strength Index reached 70.60, signaling overbought conditions. Meanwhile, the MACD showed weakening bullish momentum, suggesting reduced upside strength. Could Ethereum break free from its multi-year range before leverage and liquidity dynamics force resolution?
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