Data from Coinglass indicates that about $211 million in Ethereum liquidations occurred in the last 24 hours, with long positions comprising nearly $181 million of the total. This wave of forced sell-offs has intensified the downward pressure on ETH. Technical analysis shows that Ethereum is hovering near the crucial $2,000 support level. A breach of this threshold could pave the way for further declines towards $1,800. Conversely, a break above $2,500 might trigger a rally, with potential targets around $2,870 and even $3,400, though current trends point to sustained weakness.
The entire cryptocurrency market is in turmoil, driven partly by a significant hack that caused Bybit to lose approximately $1.4 billion in ETH. Moreover, uncertainty has been fueled by new tariff measures imposed by President Trump on Canada and Mexico, which have rattled investor confidence. Bitcoin has dipped below $80,000, and altcoins like Solana have experienced severe declines, indicating that overall sentiment remains bearish.