Ethereum Holds $3,100 Support After Heavy Long Liquidations

  • Ethereum trades near $3,152 after leveraged long liquidations reduced downside pressure.
  • Network gas fees dropped to about 0.048 gwei following the Fusaka upgrade.
  • ETH price structure remains intact while holding above the $3,100 level.

Ethereum regained stability after a volatile trading session that saw heavy leverage unwound across the market. The asset traded near $3,152, reflecting a daily increase of about 2.5%. 

Analysis shared by CW indicated that Ethereum’s price behavior matched earlier reset phases. Liquidity heatmap data showed dense order clusters both above and below current levels. 

These clusters suggested active repositioning by traders during the price swing. After the decline, Ethereum stabilized and moved higher in a controlled manner, pointing to reduced leverage exposure.

CW noted that Ethereum could still revisit lower levels before resuming a broader move. The analyst stated, “There’s a possibility it could touch 3k before the rally begins.” 

Despite this view, Ethereum remained above $3,100 at the time of reporting. This level has continued to act as short-term support during recent pullbacks.

Network Costs Decline After Fusaka Upgrade

Ethereum network conditions improved alongside the price recovery. Following the Fusaka upgrade, gas fees dropped sharply across the network. 

Recent data showed average fees near 0.048 gwei, which is close to levels seen during the network’s early years. Lower fees reduce transaction costs for users and lower operating costs for developers.

Cheaper transactions often support higher network activity. When fees rise, users tend to reduce usage and delay transactions. Current conditions showed no signs of congestion, even as trading activity increased. 

Ethereum Price Holds Key Technical Levels

From a technical perspective, Ethereum continues to build a base structure. Price movements remained orderly after the liquidation-driven volatility. As long as ETH holds above the $3,100 level, the structure remains intact. This area has provided support during recent declines.

However, watching the $3,488 level move above this range may open paths toward higher price zones. Chart data points toward $4,000 as the next area of interest if buying pressure remains steady.

Ethereum’s market capitalization stood near $380 billion. Trading volume increased during the recovery, showing balanced participation rather than speculative excess. These conditions reflect a market adjusting after leverage reduction while supported by improved network costs.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.

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