Traders are buying the taban, lifting the perpetual futures long-short ratio, Kraken's Alexia Theodorou told CoinDesk.
ETH needs to drop another 19% to trigger the first liquidation.
Tuesday’s drop from 49 to 25 is one of the sharpest since September and indicative of a quick shift toward overly bearish sentiment.
BTC hits three-month as Nasdaq futures point to continued risk aversion in stocks and the anti-risk Japanese yen strengthens against the U.S. dollar.
On Monday, U.S. spot-listed bitcoin ETF outflows rose to $516 million as bitcoin tumbled toward $90,000.
Liquidations crossed the $1.35 billion level in the past 24 hours as a market slide worsened.
Ether is on the verge of slipping into a death cross, an ominous momentum indicator, with a mixed record of predicting price trends.
The Edge Proof of Reserves Oracles provide a real-time, transparent mechanism to verify that token issuers like Ethena hold sufficient reserves.
Futures activity hints at an influx of fresh shorts as Monday's bearish marubozu candle points to more losses ahead.
Traders said the current bearish sentiment could be overblown and macroeconomic decisions were key to support market growth.