Data: Over $2 Billion in ETH Short Positions Concentrated Above $2,200

Odaily News According to an article by Cointelegraph, despite ETH's price dropping approximately 20% in February, on-chain data indicates that investors are still accumulating. In February, ETH accumulation addresses added over 2.5 million ETH, bringing the total holdings to 26.7 million.

Regarding network fundamentals, over 30% of ETH's circulating supply (37,228,911 ETH) is currently staked. The weekly transaction count has reached a new all-time high of 17.3 million, while the median Gas fee has dropped to $0.008.

In the derivatives market, ETH's open interest stands at $11.2 billion, with the estimated leverage ratio remaining high at 0.7. Data from Hyblock shows that 73% of global accounts are currently long on ETH. The liquidation heatmap reveals that over $2 billion in short positions are concentrated above $2,200, while approximately $1 billion in long liquidation positions are clustered around $1,800. The most recent dense liquidation cluster is at $1,909, where $563 million worth of long positions reside.

Technical charts show that ETH is forming an "Adam and Eve" bottom pattern. A breakout above $2,150 could potentially lead to a rise towards the $2,473 to $2,634 range.