Amid the broader market’s correction yet again today, ETH’s price has taken a major hit and tumbled below $3,000 for the first time since early November.
This has caused a lot of liquidations for over-leveraged bulls, with the number skyrocketing to nearly $200 million only for ETH-related positions.
As the graph above demonstrates, the second-largest cryptocurrency broke above $3,000 after the US elections in early November and didn’t look back for the next two months.
Moreover, the asset peaked at just over $4,100 on December 16, but that was as far as it could go. During the end-of-the-year crash, ETH slumped to $3,100 but managed to defend the $3,000 support.
It bounced off and went on the offensive at the start of 2025. Its yearly peak came on January 7 when it jumped to $3,750. However, that’s when the landscape took a turn for the worse, and ETH, alongside the rest of the market, started to plunge.
The subsequent rejection drove Ethereum’s price to $3,300, where it spent most of the next few days. However, another leg down initiated by the bears today pushed it south even further, and it slipped below $3,000 minutes ago for the first time since early November.
ETH is down by precisely 20% since its January 7 high (or $750 in USD perspective). Today’s drop was particularly painful for over-leveraged traders with long positions, as the total such liquidations has gone up to $185 million, according to CoinGlass.
In fact, ETH’s liquidations have surpassed even those for BTC, whose price tumbled from $96,000 earlier this morning to under $90,000 briefly.
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