Ethereum recorded its largest liquidation wave since mid-August on November 8 and 9, when leveraged positions worth $432.34 million were liquidated. The ETH price fell from $2,236 to $2,060 before trading slightly above $2,100. Open interest in ETH contracts dropped to $5.236 billion, 2.87 standard deviations below its 30-day average, indicating reduced risk appetite and lower leveraged positioning. The technical structure remains bearish after ETH lost the swing high at $2,358, with the MACD declining and the OBV gradually weakening. The psychological $2,000 level is a key support area, while the $1,840 to $1,950 demand zone could potentially generate a bullish reaction.
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