$1.15B in ETH Liquidations Shake Market

Ethereum price today (ETH) is trading near $2,302, reflecting a 10.22% single-day decline, the largest drop since October 2025. ETH has fallen more than 22% over the past week and is significantly lower than its 2025 highs. Current trading ranges show heavy volatility and weak short-term trend momentum.

The sharp sell-off has triggered significant liquidation events across crypto derivatives markets. Over $1.15 billion in Ethereum positions were liquidated as ETH plunged, contributing to more than $2.5 billion in market-wide forced liquidations that also affected Bitcoin and other major tokens. The largest single liquidation was a $222.65 million trade on Hyperliquid, underscoring intense leverage unwinding.

LookOnChain data also shows that falling below $2,300 triggered around $737 million in long liquidations on centralized exchanges, as leveraged traders were forced out of positions amid thin liquidity.

Market stress has attracted broader concern, with analysts warning that a break below key support zones like $2,000 and $1,950 could accelerate further downside risks. Bloomberg analysts have noted that continued weakness could push ETH toward lower levels if selling pressure persists.

Recent News and Key Developments

A trader reportedly lost $220 million on a leveraged ETH position during recent market moves, illustrating the magnitude of risk when leverage is high in volatile conditions. ETH was among the hardest-hit assets during this crypto downturn, with derivative liquidations far outpacing many altcoins.

Price action this week also saw Ethereum break below the $2,300 psychological level, widely watched by traders as a critical support area. Rising exchange inflows suggest distribution rather than accumulation, implying that selling pressure remains elevated.

Whale activity has been notable as some large holders accumulate on dips while others face potential liquidation risk should ETH continue lower. Market analysts are watching whether ETH can reclaim resistance levels near $2,300–$2,500 or if further downside opens up.

Overall, Ethereum’s price today reflects intense derivative market dynamics, significant forced liquidations, and heightened bearish sentiment, with key technical levels likely determining near-term direction.