The price of ETH moved toward the $3,000 mark on Tuesday. This movement represented its first return to that level since the middle of July. This current price level aligns with the January 1st opening price of $3,330. Consequently, Ethereum has now erased all of its gains for the year. The decline extends the drop from its record high of $4,955 on August 24th to thirty-three percent.
This bearish price action resulted in considerable liquidations across digital asset markets. Information from CoinGlass indicates over $1.7 billion in leveraged positions were liquidated in a twenty-four hour window. Long positions accounted for $1.3 billion of that total.
A single order on the Hyperliquid decentralized exchange involving an ETH/USD pair was responsible for a $26 million liquidation. The scale of this event is similar to one that occurred on August 1st. During that earlier event, $500 million in long ETH positions were eliminated, leading to a fourteen percent price drop over two days. A comparable situation on September 22nd saw $955 million in long positions liquidated, which also triggered a similar price decline.
The market is now observing whETH ETH can maintain its hold above the $3,300 level. Traders are watching for any further large-scale liquidations that could increase selling pressure.
