- Ethereum drops over 4.6% as $162M in liquidations hit, mostly wiping out long positions.
- Price is retesting the critical $2,106–$2,150 breakout zone after recent rejection.
- Bulls target $2,558 if ETH reclaims $2,386 and builds momentum.
- A breakdown below $2,106 and the 50-day MA could trigger a drop toward $1,911.
Ethereum is facing notable selling pressure, dropping around 4.6% in the last 24 hours to trade near $2,118. The asset briefly climbed to a daily high of $2,232 before reversing sharply, reflecting the broader weakness across the crypto market.
This downturn has pushed Ethereum’s market cap to approximately $255 billion, while triggering a wave of liquidations in the derivatives market.
Heavy Liquidations Hit Bullish Traders
The recent price drop led to over $162 million in Ethereum liquidations, with long positions taking the biggest hit. More than $125 million in bullish bets were wiped out, compared to roughly $36 million in short liquidations.
This imbalance shows that leveraged bulls were caught off guard, accelerating the sell-off as positions were forcefully closed.
Geopolitical Tensions Add to Market Stress
The weakness isn’t limited to crypto alone. Rising geopolitical tensions — now centered on the ongoing US-Israel war against Iran, which entered its 20th day today — have added significantly to market uncertainty.
Surprisingly, even traditional safe-haven and alternative assets are seeing declines:
- Bitcoin: $69,335 (−3.05%)
- Tether Gold: $4,616 (−4.59%)
- Kinesis Silver: $67.30 (−11.92%)
Despite escalating global tensions, investors appear to be de-risking across all asset classes, prioritizing liquidity over both risk assets and traditional hedges — a sign of broad market stress.
Retesting a Critical Breakout Zone
From a technical perspective, Ethereum is now revisiting a crucial support zone between $2,106 and $2,150, as highlighted on the chart.
This level previously acted as resistance before flipping into support earlier this month. Now, ETH is retesting this breakout zone, a critical moment that often determines whether a trend continues or fails.
What’s Next for Ethereum?
- Bullish Scenario:
If ETH holds the $2,106–$2,150 zone and rebounds, reclaiming the $2,386 local high, it could confirm renewed momentum and open the door toward $2,558. - Bearish Scenario:
A breakdown below this zone — especially with continued rejection at the 50-day MA ($2089) — would invalidate the breakout and could drag ETH toward the next major support near $1,911.
Final Outlook
Ethereum is now at a make-or-break level. The combination of heavy long liquidations, macro uncertainty, and geopolitical tensions has put bulls on the defensive.
If buyers step in and defend this zone, this could turn into a healthy retest before another leg higher. But if support fails, the market may see deeper downside in the short term.
For now, the $2,106–$2,150 range remains the key battlefield that will likely define Ethereum’s next move.
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