Ethereum has entered a sharp losing streak, with cascading liquidations and technical weakness fueling volatility across the market. A wave of $1.8 billion in long liquidations on September 23 wiped out more than 370,000 traders, leaving Ethereum (ETH) particularly exposed.
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The crypto market’s heavy reliance on leverage has once again backfired. ETH futures accounted for over $500 million of the $1.8 billion long liquidation, underscoring Ethereum’s vulnerability to sudden drawdowns.
Leverage risk: With the average funding rate at +0.0029%, traders were heavily overexposed.
Domino effect: When ETH broke below $4,150, stop-losses and margin calls triggered a cascading sell-off.
Open interest: ETH derivatives open interest surged 19% in 24h, showing volatility was amplified by excessive speculation.
The high-leverage environment created a fragile setup where a single breakdown sparked a chain reaction of forced selling.
ETH also faces mounting technical headwinds after failing to hold critical levels.
Pivot breakdown: ETH slipped below its 24h pivot point at $4,250.
Resistance: The 38.2% Fibonacci retracement at $4,624 now serves as resistance.
Beyond that, MACD histogram at -33.17 signals clear bearish momentum, while the RSI at 40.46 is weak but not oversold, leaving room for further downside.
Price targets:
Short-term traders are eyeing $4,092 (September 23 low) as the next support.
Long-term structure remains intact as long as ETH holds above the 200-day EMA ($3,403), suggesting investors aren’t panic-selling yet.
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Ethereum’s latest slump highlights the double-edged sword of leverage. Excessive positioning fueled sharp liquidations, while technical weakness reinforced the bearish momentum. Yet, with the 200-day EMA still holding firm, long-term holders remain calm for now.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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