Data: Over $2 billion in ETH short positions are concentrated above $2,200

Cointelegraph reported that despite the ETH price dropping by about 20% in February, on-chain data indicates that investors are still accumulating.

In February, accumulation addresses increased their holdings by over 2.5 million ETH, raising the total holdings to 26.7 million. In terms of network fundamentals, currently over 30% of the circulating supply of ETH (37,228,911 coins) is staked. The weekly transaction volume reached a historical high of 17.3 million, while the median Gas fee dropped to $0.008. In the derivatives market, the open interest for ETH is $11.2 billion, with the estimated leverage remaining high at 0.7. Hyblock data shows that 73% of accounts globally are currently long on ETH. The liquidation heatmap indicates that over $2 billion in short positions are clustered above $2,200, while about $1 billion in long liquidation positions are piled up around $1,800. The recent dense liquidation cluster is located at $1,909, where there are long positions worth $563 million. Technical charts show that ETH is forming an "Adam and Eve" bottom pattern, and if it breaks above $2,150, it may rise to the range of $2,473 to $2,634.