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A wave of spot dumping of $ETH has paused the ongoing short positions liquidation trend, but as the pullback ends, the current liquidity distribution in the ETH futures market still favors long positions.
Recently, I saw some data on ETH unlocking staking, and it seems that this part of the supply could indeed affect the market, just like the 80,000 BTC held by whales. Short-term supply can pause the trend, but it cannot change the trend...
Looking back at the ETH market, there is still a lot of unliquidated short positions liquidity at high levels, with the liquidation area extending to around 4040. Although there is also a lot of long positions liquidity below, the trend structure has not yet changed, and ETH has not yet formed a significantly lower low.
Therefore, objectively speaking, we can still expect ETH to head towards the 4xxx area until the short positions liquidity is completely cleared, and after the trend changes to a large range oscillation through pullbacks or structural breaks, we can then start considering when to go below to clear those long positions liquidity.