$2 Billion in Long Positions at Risk Amid Ethereum Price Crash
Key Points on Ethereum Price Dynamics
Up to $2 billion in long positions are at risk of liquidation if ETH falls to $4,200.
Currently, a significant number of short positions are present, potentially leading to liquidity hunting at levels up to $4,500, which could affect $2.8 billion in shorts.
BitMine increased its ETH holdings by $1.7 billion, bringing total assets to $6.6 billion, contributing to buying pressure.
Recent sell-offs from ETH ETFs and whales have created bearish sentiment; net outflows recorded at $196.62 million on August 18.
Whale activity includes Longling Capital selling 5,000 ETH and another dormant whale offloading 3,075 ETH.
Current ETH price trading around $4,230, showing a decline over the last 24 hours.
