Crypto Crash! 😱 Is ETH Doomed?

Ethereum, that curious digital bauble, has decided to take a rather precipitous tumble, hasn’t it? A decline of over 10% in the last twenty-four hours – a performance reminiscent of a particularly disastrous debutante’s season. To slip below the seemingly arbitrary $3,000 mark! One wonders if the perpetrators are even aware of the social niceties. Months, you see, months it held firm.

This ignominious retreat, naturally, mirrors the general air of panic afflicting the more speculative corners of the financial world. Unprofitable tech firms, those AI enterprises built on nothing more substantial than fervent hope, are all experiencing a similar fit of the vapours. Investors, it seems, are finally noticing that spending and valuation do, in fact, need to have some connection to reality. A positively shocking revelation.

The market data – those cold, unforgiving figures – reveal a drop of as much as 5.5% earlier today, fuelled, one presumes, by a widespread outbreak of common sense. Ethereum now languishes at a paltry $2,701, a weekly decline exceeding 15%, and a staggering 45% below its August high. One can only assume the champagne socialist holdings are deeply affected. 🥂

Leverage Wipeout: $150M in Liquidations Accelerate the Fall

What truly distinguishes Ethereum’s little wobble is the alarming amount of leveraged foolishness being unwound. Nearly $150 million in long positions liquidated – a veritable bonfire of vanity! Apparently, one can’t borrow one’s way to prosperity, who knew? A truly lamentable spectacle.

Thin market depth, a dizzying increase in volatility, and price swings of a decidedly vulgar amplitude are all contributing to the general disquiet. These “perpetual futures”, one learns, are a double-edged sword: delightful when sentiment is buoyant, positively catastrophic when it isn’t. Rather like a country house party, really.

Technically speaking – though, frankly, one despairs of such vulgar jargon – Ethereum is now confined within a “descending wedge”. A formation that often precedes a bullish breakout, naturally. But the window for consolidation is rapidly shrinking, like the funds of a spendthrift. $3,000 and $3,200 must be recaptured, or the buyers might just give up entirely. 😥

Whale Behavior and On-Chain Metrics Signal More Weakness

And now, whispers of “whale” activity – those large address holders, previously so keen to accumulate – have paused their acquisitions. A distinct lack of confidence, I suspect. The silence, you see, is most telling.

The “on-chain metrics” – a phrase one shudders to utter – reinforce the grim outlook. A “MVRV Long/Short Difference” at a four-month low, indicating that even the most dedicated believers are losing money. Should they begin to dispose of their holdings, Ethereum’s decline could accelerate to…well, let’s not dwell on that.

For the moment, ETH faces critical support levels at $2,650 and $2,606. A return to $3,000 would be a most welcome sign, but without renewed enthusiasm from the whales and a cessation of these rather undignified liquidations, the market remains in a rather precarious state.

As liquidity resets and volatility spikes – very exciting for the boys at the exchange, I’m sure – traders are watching from the sidelines, fully expecting this to be merely a prelude. Perhaps a particularly nasty hangover.

Cover image from ChatGPT, ETHUSD chart from Tradingview

2025-11-22 07:15

Leverage Wipeout: $150M in Liquidations Accelerate the Fall

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