Ethereum Sinks Over 10% as $150M in Liquidations Trigger Bearish Pressure
Ethereum plunged more than 10% in 24 hours, falling below the $3,000 mark to trade around $2,701. The sell-off wiped out over $150 million in long-position liquidations, thinning market depth and amplifying volatility. On the daily chart, ETH sits in a descending wedge, repeatedly testing support near $2,930, while key resistance levels at $3,000 and $3,200 need reclaiming for any rebound. Whale accumulation has stalled, and the MVRV Long/Short Difference has dropped to a four-month low, signaling long-term holders are losing profitability. Without renewed whale support, Ethereum could test downside floors at $2,650 and $2,606 before any recovery.
Bearish
The sharp 10% drop, fueled by $150 million in leveraged long liquidations, indicates strong selling pressure. Ethereum’s position within a descending wedge and stalled whale accumulation, combined with a four-month low in the MVRV Long/Short Difference, mirror past breakdowns where liquidation cascades deepened declines. In the short term, continued volatility and further downside tests around $2,650–$2,606 are likely. Long term, sustained recovery depends on reclaiming key resistance at $3,000 and renewed whale buying—without which bearish momentum may persist.