Ethereum remains under selling pressure, but rising short-side liquidity could provide support for a potential recovery. Meanwhile, large investors continue accumulating ETH during market declines, suggesting that interest in the asset remains despite its recent weakness.
As of now, according to CoinMarketCap data, Ethereum is trading at $1,997.43, down 2.74% over the past 24 hours and 13.08% over the past week.
Ethereum Eyes $2,400 as Short Liquidations Build Above $2,000
According to crypto commentator Niels (@Web3Niels), Ethereum has cleared a major liquidity zone around $2,000, resulting in the liquidation of nearly all late long positions. The liquidation heatmap now shows significant concentrations of liquidity above ETH’s current trading price.
The heatmap identifies substantial short-side liquidity around $2,100, $2,200, and $2,400. These levels could become potential price targets as traders holding short positions may face liquidations if Ethereum moves higher.
Niels suggested that Ethereum could move toward these liquidity zones in the coming weeks if buying momentum returns. Such a move could force short sellers to close their positions, potentially creating additional buying pressure and supporting an ETH recovery.
7 Siblings Spend $22M to Buy 10,792 ETH During Price Dip
A group of cryptocurrency wallets known as 7 Siblings has returned to the Ethereum market, purchasing a substantial amount of ETH during the recent decline. According to Lookonchain, the group spent approximately $22 million to acquire 10,792 ETH around 10 hours ago.
The purchases were made at an average price of approximately $2,038 per ETH, indicating that the group increased its holdings during the market downturn. Transaction records were also visible on Arkham Intelligence, showing several transfers involving 7 Siblings, CoW Protocol, and Spark.
The latest acquisition adds to the group’s history of purchasing ETH during market declines. Its $22 million investment highlights continued interest in Ethereum despite recent price weakness. However, the transaction alone does not confirm whether the group expects a near-term recovery or intends to hold the assets over the longer term.
