Ethereum Liquidations Reach $44M as ETH Tests $2,300
Ethereum faced renewed selling pressure as about $44 million in ETH futures positions were liquidated over a 24-hour period. Long positions accounted for roughly $32.6 million, or 74% of the total, while short liquidations reached $11.4 million. ETH traded near $2,320 after Bitcoin briefly fell below $80,000 ahead of the Federal Reserve’s October 27–28 policy meeting.
Ethereum futures open interest remained close to $30 billion, leaving significant leveraged exposure in the market. If ETH falls below its recent low near $2,285, the $2,250–$2,200 range could come into focus; a break below $2,200 may raise the risk of a move toward $2,000. A recovery above $2,350 and then $2,400 would improve the short-term outlook, with $2,500–$2,600 cited as a resistance zone.
Pressure also came from inconsistent demand for U.S. spot Ethereum ETFs, which recorded about $220.7 million in net outflows across the five sessions ending October 23. Separately, developers postponed the Glamsterdam upgrade’s planned Hoodi testnet activation after identifying concerns with proposed gas-accounting changes. The delay adds uncertainty to the development schedule but was not established as a direct cause of ETH’s price decline.
Bearish
The immediate market signal is bearish for Ethereum. Long positions made up nearly three-quarters of the reported $44 million in liquidations, showing that leveraged traders were caught on the wrong side of the move. Forced closures can add selling pressure, particularly when prices approach liquidation clusters. ETH’s struggle around $2,300, combined with roughly $30 billion in futures open interest, suggests volatility could remain elevated. Weak or inconsistent spot Ethereum ETF flows add to the concern, while the approaching Federal Reserve decision may increase caution across risk assets.
Similar liquidation cascades in crypto markets have often intensified short-term declines as forced selling pushes prices toward further leverage thresholds. However, liquidation estimates around $2,278–$2,284 are not confirmed future sales, and the figures alone do not establish that a larger downturn will follow. A sustained break below $2,200 could make the $2,000 area more relevant; reclaiming $2,350–$2,400 would weaken the immediate bearish case and could encourage short covering.
Over the longer term, this episode is not by itself evidence of a change in Ethereum’s fundamentals. ETF flows, broader market direction, policy signals and the progress of the delayed Glamsterdam testnet work will matter. The upgrade delay introduces schedule uncertainty, but the article does not link it directly to the price weakness. Traders may therefore treat the event primarily as a near-term leverage and volatility warning, while monitoring whether spot demand and price support improve.