Ethereum Crashes the Party: $67M Liquidated, Is a Crypto Soap Opera Unfolding?

by

Ethereum

ETH
$1 836

24h volatility:
1.7%

Market cap:
$221.36 B

Vol. 24h:
$14.51 B

— the chap with delusions of grandeur in the altcoin world — has spent the past two months behaving like a nervous debutante at her first ball, unable to break through the $2,000 velvet rope. In fact, on April 9, ETH tripped over its own shoelaces and slipped below $1,400, sending onlookers into the usual tailspin of melodrama.

April 22 brought some pep to Ethereum’s step. With the optimism around Bitcoin

BTC
$96 248

24h volatility:
1.4%

Market cap:
$1.91 T

Vol. 24h:
$28.08 B

reaching fever pitch and crypto traders seeing dollar signs in their sleep, Ethereum sprinted from $1,550 to $1,800 with all the subtlety of a caffeinated squirrel.

But alas! On April 30, the party was rudely interrupted. Ethereum crashed to a local low of $1,736 in under two hours—blink, and you missed it. The stampede for the exit was impressive, with ETH liquidations clocking in at $67 million, outpacing even the mighty Bitcoin’s $64 million. (Cheeky ETH, always wants to be first at something!)

The split: $48 million in long liquidations (for traders who thought ‘to the moon’ meant ‘in the next five minutes’) and $19 million in shorts. Naturally, this induced no shortage of pearl-clutching among swing traders.

To add a dash of drama, a classic head and shoulders pattern has emerged on the hourly ETH price chart, as if the market decided what it really needed was more Shakespearean symbolism. 🎭

ETH 1H chart – May 1 | Source: TradingView

The experts (and those who paid for Yoda-level TradingView subscriptions) suggest we’ll see a correction to around $1,770, with the potential for bullish hijinks to follow. But beware: if ETH slips below $1,760, abandon ye all hope, for the road may drop disturbingly close to $1,700, where further selloffs could be lurking, twiddling their mustaches.

Of course, if Ethereum manages to bust through $1,830 resistance, it could render the whole head-and-shoulders routine for naught. But let’s not get ahead of ourselves—this is crypto, not a predictable Agatha Christie whodunit.

Currently, the ETH relative strength index (RSI) lingers at 54—neither glamorously overbought nor tragically oversold, just loitering in the land of “meh,” plotting its next move. 😴

All these shenanigans aside, ETH’s direction is being swayed by broader market moods, macroeconomic winds, and the whims of those pesky whales, whose every splash sends the minnows darting.

And let’s not forget, there’s juicy gossip on the horizon: Grayscale has had a tête-à-tête with the US Securities and Exchange Commission about getting the green light for ETH ETF staking. Should the regulators give their blessing, expect the next act in this crypto farce to be even livelier.

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2025-05-01 15:08