Data: Over $2 billion in ETH short positions are concentrated above $2200

ETH0,86%

Odaily Planet Daily reports that Cointelegraph stated that despite ETH prices dropping about 20% in February, on-chain data shows investors are still increasing their holdings. In February, ETH accumulated addresses increased by over 2.5 million ETH, bringing total holdings to 26.7 million ETH.

On the fundamental network side, currently over 30% of the circulating ETH supply (37,228,911 ETH) is staked. Weekly transaction volume reached a record high of 17.3 million transactions, while the median Gas fee dropped to $0.008.

In the derivatives market, the open interest for ETH contracts is $11.2 billion, with the estimated leverage ratio still high at 0.7. Hyblock data shows that 73% of global accounts are currently long ETH. The liquidation heatmap indicates over $2 billion in short positions clustered above $2,200, while about $1 billion in long positions are concentrated around $1,800. Recent dense liquidation clusters are located at $1,909, where long positions worth $563 million are positioned.

Technical charts show that ETH is forming an “Adam and Eve” bottom pattern. If it breaks through $2,150, it could rise to the $2,473 to $2,634 range.

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