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XLM $0.1605 -4.62%
ZEC $260.31 -8.86%
BTC $69,735.30 +0.16%
ETH $2,127.86 -0.10%
BNB $639.25 +0.02%
XRP $1.42 -4.56%
SOL $81.67 -4.53%
TRX $0.2795 -0.47%
DOGE $0.0974 -3.83%
ADA $0.2735 -4.22%
BCH $469.20 +2.74%
LINK $8.64 -2.97%
HYPE $28.98 -1.81%
AAVE $122.61 -3.42%
SUI $0.9571 +0.59%
XLM $0.1605 -4.62%
ZEC $260.31 -8.86%

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Analysis: The risk of a long squeeze is rising, and ETH may test the $1,800 support level again

Ethereum has dropped to around $2,100, with a daily decline of 7%, mainly due to the Federal Reserve's interest rate decision and higher inflation expectations. In the past 24 hours, the total amount of long liquidations in the crypto market reached $492.8 million, with over $144 million in ETH long positions being forcibly liquidated.More critically, CoinGlass data shows that if ETH falls below $2,000, it will trigger over $2.5 billion in leveraged long liquidations across all trading platforms, meaning that if the bearish momentum continues, ETH will face a greater risk of a waterfall decline. Additionally, the U.S. spot Ethereum ETF recorded a net outflow of over $55.5 million on Wednesday, ending a streak of six consecutive days of net inflows. In the past eight FOMC meetings, ETH has declined after seven of them.The typical post-FOMC pullback ranges from 16% to 23%, with deeper deleveraging phases seeing declines of 33% to 43%. From a technical perspective, $2,100 is currently a key support level, closely coinciding with the upper boundary of the ascending triangle and the 50-day moving average. If the bulls can hold this position, the next target is $2,575 (100-day moving average), and above that is the triangle measurement target of $2,700. If $2,100 is lost, ETH will retest the triangle support line around $2,000; if it further breaks below the 20-day moving average, it faces the risk of dropping to $1,800.
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