The large amount of Ether long positions at stake come amid broader regulatory uncertainty for Ethereum.
This comes amid mounting concerns that the U.S. Securities and Exchange Commission might reject an Ether spot ETF next month.Over the past few weekends, Ether has experienced short bursts of volatility in its price, followed by quickly recovering to key support levels.
If it happens again this weekend, a significant amount of liquidations will be at risk. A similar drop of just 2.25% at its current price will lead to $510 million in long liquidations, as per CoinGlass Ether's price has little wiggle room without risking a significant amount of liquidations. Source: CoinGlass
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