ETH likely to break below $2450 and rebound sharply on recovery

South Korean crypto on-chain research firm CryptoQuant contributor MAC_D writes: "The current candlestick low of the massive liquidation of long Ethereum (ETH) futures is around $2,450, and if ETH breaks below this level and recovers immediately, it is likely to rebound sharply. Conversely, if it fails to rally after falling, we could see a shift in sentiment and volatility to the downside." "Since last year, there have been six significant buying opportunities to date. On January 12, following the approval of the BTC Spot ETF, we saw the second largest liquidation of long positions, resulting in a price correction. The large liquidations that occur during this process often create a long tail candle, indicating a strong influx of whale buying interest at the same time as the long positions are being liquidated. Therefore, when the price reaches the bottom of the long tail candle, the market is showing extreme sentiment, which can be an important turning point in determining the uptrend and downtrend lines.