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Amid the ongoing market uncertainty, Ethereum ($ETH), the world’s second-largest cryptocurrency by market cap, has been hit hard, resulting in the biggest liquidation of 2025. Today, January 13, 2025, $ETH has witnessed a price decline of over 7.5% in the past 24 hours, making it the largest loser among the top 10 cryptocurrencies.
Traders Lose $171 Million Worth of Ethereum ($ETH)
This massive price decline has resulted in the liquidation of a significant $171.50 million worth of traders’ open positions, as reported by the on-chain analytics firm Coinglass.
However, the majority of the liquidation occurred in the past four hours, during which traders have lost nearly $100 million worth of positions. Of this substantial liquidation, $85 million comes from traders holding long positions, while short sellers have witnessed $14 million worth of liquidation.
This liquidation that the overall market witnessed occurred when $ETH failed to hold the crucial support at the $3,200 mark and also breached the support provided by the 200 Exponential Moving Average (EMA) on the daily time frame.
Ethereum ($ETH) Price Prediction
Given the significant price decline, expert technical analysis suggests that $ETH has shifted toward a downtrend, with a strong possibility of reaching the $2,850 level. The potential reason for this bold speculation is the breakdown of the crucial support level and the current market sentiment.
Earlier, on January 9, 2025, $ETH broke down from a bearish head and shoulders price action pattern and later entered consolidation. During this period, bulls, hopeful of further upside momentum, built heavy positions. However, today, with the bearish market sentiment, $ETH has failed to hold the support and has fallen significantly.
Current Price Momentum
Currently, $ETH is trading near $3,020 and has witnessed a price decline of 7% in the past 24 hours. However, during the same period, its trading volume increased by 170%, indicating heightened participation from traders and investors compared to the previous day.
Along with $ETH, the overall cryptocurrency market has been witnessing a bloodbath, with traders holding long positions being the ones most severely affected.
Besides $ETH, the overall crypto market has witnessed a massive $700 million worth of crypto liquidations, with $593 million coming from traders holding long positions and $108 million from traders holding short positions.