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Ethereum traded near $2,386 on Oct. 15 and was pressing the $2,350-to-$2,400 support band, with roughly $283 million in liquidations recorded over the prior 24 hours, according to Coinpedia. The pullback came after ETH retreated from local highs near $2,800.
The same Coinpedia analysis pointed to an imbalance in the derivatives market: at a reference price of $2,368, the liquidation map showed about $676 million in cumulative long-liquidation leverage below the market and $8.71 billion in potential short-liquidation exposure above it.
Also readEthereum Holds Near $2,302 as Open Interest and ETF Demand Weaken
Key facts
- ETH liquidations reached $283 million in 24 hours as the price slid, per Coinpedia.
- Coinpedia, citing Santiment, said ETH’s dollar-denominated open interest dropped about 11% between Oct. 4 and Oct. 14, matching the roughly 11% price decline over the same window.
- The amount of ETH tied to outstanding derivative contracts stood at 6.23 million on both Oct. 4 and Oct. 14, fluctuating between 5.97 million and 6.47 million in between.
- Coinpedia put the potential short-liquidation pool above the market at $8.71 billion, versus about $676 million in long-liquidation leverage below, at a reference price of $2,368.
- Separately, CoinCentral reported that total crypto liquidations across the market reached $959.43 million in 24 hours, of which long positions accounted for $879.71 million.
Where support and resistance sit
Coinpedia framed $2,350 as the level that matters most. A sustained break below it would strengthen the bearish case and leave $2,000 as the next zone to watch, while $2,200 remains the nearer downside target if selling continues. On the other side, a recovery above $2,400 followed by a sustained move above $2,430 could ease immediate selling pressure and raise the chance of a short squeeze, given the size of the mapped short-liquidation pool.
Momentum gauges were deteriorating in Coinpedia’s read. The RSI had dropped toward oversold territory, and the CVD showed aggressive selling, putting ETH at what the outlet described as a crucial juncture. Recent ETF outflows added a further headwind, raising questions about investor demand at current levels.
Also readEthereum Tests $2,800 Again as Whale Transactions Surge
Why it matters
The elevated short-liquidation figure cuts both ways for holders. Coinpedia noted the sell-side liquidity below the current price looked considerably weaker than the potential liquidation pool above it, which means much of the downside leverage has already been cleared but a strong upward move could force bearish traders to close positions and accelerate buying. For traders holding leveraged ETH positions, the $2,350 line is the near-term dividing point between a defense of the range and a deeper flush. The broader crypto market was in the same deleveraging mode, as the figures in CoinCentral’s report show.
What to watch
Whether buyers can hold the $2,350-to-$2,400 area on a closing basis is the immediate test, with $2,430 the level that would confirm a rebound. Coinpedia also flagged $2,200 as the next area of focus if support gives way, while $2,000 is the wider downside zone.
This article is not financial advice, and cryptocurrency markets are volatile and unpredictable; readers should do their own research before making any decision.
Sources: Coinpedia, CoinCentral
