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.
Source: Coinglass
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.
Source: 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.
Source: Trading View
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.
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