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$71M in ETH Longs Liquidated, But Bounce Follows
Ethereum briefly dipped below the $4,000 mark during a broader market correction, triggered largely by a cascade of liquidations in the derivatives market. Over $71 million in long ETH positions were liquidated within 24 hours—$36 million of that on Bybit alone.
Derivatives Pressure Overrides Bullish Fundamentals
Despite growing interest in ETH staking and continued on-chain accumulation, short-term price action remains heavily dictated by derivatives. The latest drop, occurring during Asian trading hours, reflects that trend—especially with long positions still making up over 75% of market exposure.
That said, ETH quickly recovered above $4,000. There’s visible liquidity concentration around $3,900, which may now act as near-term support. On the upside, short liquidity has been stacking up toward $4,300, hinting at the potential for a squeeze-driven move higher.
Whale Activity Resumes During Price Pullback
On-chain data shows whales used the recent dip to load up on spot ETH. “Ten new wallets accumulated 201,000 ETH during the downturn,” analysts reported. Meanwhile, market maker Wintermute nearly emptied its ETH reserves, now holding just 5,000 tokens after transfers to centralized exchanges and DEXs.
This pattern of aggressive whale accumulation is consistent with prior corrections, reinforcing the long-term bullish outlook for Ethereum’s role in DeFi and institutional adoption.
Recovery Ahead—or More Volatility?
Some analysts warn of a possible retest toward $3,700 before ETH finds a solid base. Others view the $3,900 zone as the likely reversal point, especially after short positions began liquidating—over $4.5 million within an hour after the dip.
Still, market sentiment has not flipped into full capitulation. A breakout toward $4,580 is now being watched as a key resistance level.
