ETH price below $4K: Ethereum's ‘biggest loser’ hit with $36.4M liquidation
Key takeaways:One ETH trader lost $36.4M in a single liquidation, cementing over $45M in total losses.Ethereum now faces heavy long liquidation clusters at $2,370–$2,500.Ether price technicals hint at another 10%–15% drop this month.An Ethereum trader lost $36.4 million following the liquidation of a massive long bet, after Ether slid below the $4,000 mark on Thursday.Ether suffers over $718 million in long liquidationsWallet “0xa523” had staked 9,152 ETH on a price rise, only to be wiped out in one of the largest single-trader losses in the past 24 hours. Wallet “0xa523” was left with just $500,000, with its total realized losses exceeding $45.32 million, leading Lookonchain to call it Ethereum’s “biggest loser.”The wipeout came amid a $331.66 million long squeeze that has punished bullish traders over the past 24 hours, according to CoinGlass data.This week alone, Ethereum traders have suffered over $718 million in long liquidations versus $79.62 million in short liquidations. Ether’s price has dipped 10.56% in the same period.CoinGlass’s liquidation heatmap highlights a huge build-up of leverage between $2,370 and $2,500. Therefore, if ETH keeps falling, many longs are set to be liquidated in that range, making it a likely area where selling could intensify before the market regains its footing.On the upside, a big cluster sits at $4,760–$5,000. Short sellers will be in trouble and could be forced to buy back, driving prices higher, if ETH rebounds to those levels.ETH price technicals warn of another 10-15% drop Ethereum has confirmed a breakdown from a symmetrical triangle pattern on the daily chart, typically a bearish reversal setup if it occurs after a strong uptrend. The move shifts immediate bias to the downside, with the next target sitting near the 0.382 Fibonacci retracement level at $3,595, down by around 10% from current levels in the short term.The downside target falls in the support zone — the $3,600–$3,400 area — highlighted by ETH’s Volume Profile (VPVR). It further overlaps with ETH’s 200-day exponential moving average (200-day EMA; the blue wave) near $3,392, indicating that the price can drop by 15% in the worst-case scenario if the sell-off gains steam into October.Can ETH prices recover?Popular analyst Kamran Azghar highlighted around $3,600 as a “key demand” zone, noting that the ETH price may rebound to seek $4,900 or higher.Meanwhile, Ethereum’s weekly chart showed price retesting a key horizontal support zone around $3,800–$4,000, as highlighted by analyst Cold Blood Shiller.The area had acted as a resistance during the 2022–2023 cycle. A successful defense of this level would strengthen the case for bullish continuation, turning former resistance into support.A rebound toward the $4,760–$5,000 cluster, as highlighted by many bullish analysts in the past, remains possible if ETH bulls defend the $3,800–$4,000 levels in the coming days.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.