Ethereum is currently facing substantial selling pressure, hovering around critical support levels between $1,700 and $1,800, and it could potentially nose-dive to $1,500. Recent data from Coinglass indicates a surge in Ethereum liquidations, driven by significant transactions from World Liberty Financial. The pressing question remains: will ETH bulls manage to maintain their ground or succumb to further declines?
Ethereum Price
Recent Market Trends
With Ethereum under notable selling pressure, the price risks extending losses from the previous quarter, with prices hitting a critical support level again. This period may culminate in a disappointing close for Q1 2025. As noted, Ethereum’s price is currently retesting a level that has previously formed a double bottom.
Ethereum Liquidation Data
Liquidation Spike
Further analysis highlights that Ethereum liquidations have outpaced those of Bitcoin and other prominent cryptocurrencies, including Solana and Cardano. Just within the last day alone, approximately $73 million of long positions in Ethereum have faced liquidation, indicating that 101,000 traders have been impacted. The most significant individual liquidation was an ETHUSD long on Binance, amounting to $13.3 million.
Liquidation Data
(Source data from Coinglass)
Continued Selling Pressure
The increasing pressure could result in Ethereum prices breaking below $1,700 and potentially marching towards $1,500. Analyst data reveals that addresses buying in around $1,800 are showing little commitment to re-entering the market, casting doubt on the sustainability of current price levels.
Market Sentiment Shifts
Despite these challenges, analysts maintain that Ethereum is going through a transformational phase rather than a downturn. While some metrics suggest substantial selling, notable market players, like World Liberty Financial, are increasing their Ethereum holdings, which points to strategic long-term investment moves.
For detailed exploration and predictions, stay tuned for updates as the situation develops.
