ETH Developments especially from On Chain Metrics
In february 2 2024 $76.4M in ETH long liquidations hit the market
- $55.8M wiped out in a single hour - the second-largest spike in a year, just behind Dec 9’s $56M
- ETH futures Open Interest fell from $20.5B at the start of February to $15.9B, wiping out $4.6B in positioning
- Despite the drop, futures OI remains ~22% above its yearly trendline of $13B, indicating leverage is still elevated.
- ETH must hold $2,700 to avoid a deeper correction, a drop below could trigger over $1B in leveraged long liquidations.
https://x.com/Cointelegraph/status/1886797611832631526/photo/1
1 Like
Cost Basis Distribution suggests that $1890 remains a critical structural level for ETH
The largest accumulation zone below spot is 1.82M $ETH at ~$1890 (-10% from current price). This supply concentration originated in August 2023, suggesting participation from cyclical investors with strong conviction.
$2.1K is the last notable accumulation level before the $1890 zone, but it holds only ~500K $ETH - far less than the major support level below it.
