Crypto Carnage: $70M Lost as ETH Tumbles Below $3K – The Market’s Worst Day Since… Tuesday? 🐉💥

Key Takeaways (or How to Lose Millions in No Time at All)

How much has been liquidated across Bitcoin and Ethereum positions?

Bitcoin recorded $18.2 million in liquidations while Ethereum faced $50.7 million in aggregate liquidations, with the majority representing long positions. Imagine that, but with fewer dragons and more existential dread. 🤯

Did Ethereum break below the $3,000 psychological level?

Yes. Ethereum briefly traded below $3,000 on 17 November, marking a significant breakdown of this key support level. Like a chocolate teapot in a hurricane. 🌪️

Bitcoin and Ethereum experienced significant liquidation events as both cryptocurrencies extended their corrections on 17 November. The selloff was so dramatic, even the bears were like, “Wait, we’re not paid enough for this.” 💸

The selloff pushed Ethereum below the critical $3,000 threshold while Bitcoin tested support near $92,000, triggering cascading liquidations across leveraged positions. It’s like a domino effect, but the dominos are made of your life savings. 🃏

Ethereum Cracks Key Support Level (or Why Your Portfolio Feels Like a Broken Chair)

Ethereum briefly broke below $3,000 during today’s trading session, currently hovering at $3,019 after a 2.36% daily decline. The market’s emotional support group is now on hold. 🧘

The breach of this psychological barrier triggered $50.7 million in liquidations, according to Coinalyze data with short positions accounting for the bulk of forced closures. Short sellers are smiling so hard their faces might crack. 😈

Volume profile data reveals Ethereum’s current price sits well below major resistance zones. The heaviest trading activity occurred between $4,000 and $4,400, creating a substantial supply wall that could impede recovery attempts. Good luck climbing that wall-it’s guarded by your regrets. 🏰

Immediate resistance appears at $3,800, with support currently being tested at the $3,000 level. The Relative Strength Index stands at 31.09, indicating deeply oversold conditions. In other words, the RSI is as happy as a wet cat. 🐱

Ethereum has declined approximately 37% from its October peak near $4,800, with persistent selling pressure throughout November contributing to the breakdown. It’s like watching a fireworks show… in slow motion. 🎆

Bitcoin Tests $92,000 Support (or Why Your Grandma Hates You Now)

Bitcoin trades at $92,071, down 2.24% on the day, after facing $18.2 million in liquidations, according to Coinalyze data. The flagship cryptocurrency has shed roughly 27% from its October high of around $127,500, struggling to establish support above $90,000. It’s like trying to balance on a unicycle made of ice. 🛷

Technical indicators signal extreme oversold conditions. Bitcoin’s RSI dropped to 28.77, the lowest reading in the recent correction. That’s not a number-it’s a cry for help. 🚨

Volume profile analysis reveals significant resistance between $110,000 and $112,000, where heavy trading activity has previously occurred. This cluster represents a major hurdle for any recovery attempt. Good luck, hero. You’ll need a bigger sword. ⚔️

The current price action sits below all major support zones identified through volume analysis. The $104,000 level, which previously provided support, now acts as immediate resistance. Bitcoin would need to reclaim $100,000 to shift near-term sentiment, though the path faces substantial overhead supply. In short: don’t hold your breath. 🫁

Market Dynamics and Liquidation Cascade (or How to Lose Friends and Money)

The coordinated decline across both assets suggests broader market deleveraging rather than asset-specific weakness. Aggregated liquidation data from Coinalyze confirms sustained selling pressure, with red bars dominating the liquidation charts throughout the correction period. It’s like a bloodbath, but with more graphs. 📊

Long positions bore the brunt of liquidations as overleveraged traders faced margin calls during the swift decline. The October period showed even larger liquidation events, particularly for Ethereum, which experienced an $800 million spike during that selloff. Current oversold conditions on both RSI indicators suggest potential for near-term bounce attempts. But let’s be honest: the market’s idea of a “bounce” is a trampoline made of Jell-O. 🧁

However, volume profile resistance zones indicate that any recovery faces significant technical obstacles. Traders monitor whether support holds at current levels or if further capitulation drives prices lower toward $88,000 for Bitcoin and $2,800 for Ethereum. Either way, it’s a party-just not one you wanted to attend. 🎉

2025-11-18 01:38