Leveraged Ether traders on both sides were packed close to the $2,238 price at 13:00 UTC on Nov 8. Within 3% of price, the modeled exposure was balanced, with neither longs nor shorts clearly heavier.

The nearest estimated short liquidations start at $2,245. That's where traders betting on a fall would be forced to buy back. On the other side, modeled long liquidations begin at $2,227.

The largest modeled cluster below price sits further down at $2,159, where long positions carry the deepest estimated pain on this map.