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Just checked out the ETH liquidation heatmap from early Feb and it's pretty wild how clearly you can see where the liquidations hit hardest. That initial drop from 3140 down to 2200 was brutal - you can literally see the purple zones stacked up showing all those positions getting wiped out.
What caught my eye though is how the price bounced back and found support around 2400-2500 multiple times. The heatmap makes it obvious why - there's just a wall of buyers sitting there. Then it struggled to break past 2800-2900, which the chart clearly marks as resistance.
The volatility during that week was insane, but looking at it now, the pattern makes sense. High leverage longs got liquidated on the way down, which probably accelerated the dump. Then the recovery happened as shorts got squeezed and sentiment shifted. The ETH liquidation heatmap is honestly one of the best tools to understand where all the pain was and where buyers stepped in.
Currently ETH is trading around 2.4K with minor moves. If you're trying to predict where the next big move comes from, watching these liquidation zones is key - that's where the real action happens.