$ETH has just dropped to $2,200, and a massive $222.66 million ETH long position from a single whale has been fully liquidated. This aggressive flush has cleared out a significant portion of over-leveraged long interest, and $2,200 could serve as a temporary bottom for today.
The sheer scale of this liquidation indicates a "stop-loss cascade" where price action triggered a chain reaction of automated sell orders. On the technical side, $2,200 aligns with a critical historical support zone and the 0.618 Fibonacci retracement level on the daily chart. While the immediate sentiment is bearish, these high-magnitude liquidations often signal a "local bottom" as the market resets its open interest.
Furthermore, this volatility is occurring against the backdrop of the US government shutdown "data blackout." Without official macroeconomic reports to guide institutional algorithms, the market is highly susceptible to whale-driven price manipulation.
If ETH can hold this $2,200 psychological floor through the weekend, we could see a relief rally as shorts begin to take profit. However, a failure to reclaim $2,350 quickly would suggest that further downside toward the $2,050 liquidity pocket is still on the table. Stay sharp and watch the volume closely.