Ethereum (ETH) Bloodbath: Largest Whales Get Liquidated

A significant Ethereum whale has been hit by the crash in the market. The trader's position was liquidated at a value of 28,716 $ETH, or $69.69 million. Even after incurring such a heavy loss, the whale has not pulled back. It retains 78,955 $ETH in long positions, worth roughly $195.57 million, and continues to wager on a market upswing.

Liquidations getting closer

The current liquidation prices are $2,299.09 and $2,286.28. These levels are significant because they align closely with the chart's crucial support zone. Following a significant drop from $2,700 earlier this week, $ETH is now trading near $2,499. On Thursday, the price fell to around $2,405 before buyers pushed it back up.

The coin is currently sitting on the blue average, which is near $2,505. It remains below the cyan average at around $2,555 and the green average near $2,600. The strongest support level lies lower: the orange average sits near $2,340, while the black long-term line is near $2,298. The whale's liquidation thresholds sit precisely at that black line.

Pressure on $ETH rises

If $ETH falls to that point, the position could be forced to close, leading to increased selling and a quicker price drop. This week, the selling pressure was unmistakably strong. During the drop, volume increased and the RSI fell to around 40, indicating weakness but not extreme weakness.

The newest daily candle is green, but it has seen little volume movement so far, which means the bounce has not yet been confirmed. Bulls should first aim for a daily close above $2,555. Once that first target is reached, they will set their sights on $2,600 and $2,700. If prices surpass $2,800, the current range would be broken.

The situation has remained unchanged since September. For bears, a price dip beneath $2,400 would confirm the bounce's failure. The next support levels are at $2,340 and $2,300, which marks where the whale's risk begins.

$ETH has to hold $2,400 in order to secure the larger uptrend. In that case, the price will gradually climb back up to $2,600. Otherwise, the $2,300 zone becomes the main target, and whale liquidations could further drive the fall.