Shocking ETH Plummet: Is $1400 in Sight After $128 Million Liquidation?

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In an absolutely riveting turn of events, Ethereum (ETH), along with its chums Bitcoin and a gaggle of altcoins, has thrown caution to the wind and decided to dive below the oh-so-important $1,600 mark—plummeting a jaw-dropping 15%. One can only imagine the collective gasp from investors, just like when they open a fridge and find only pickle juice in there! 🥒

What’s Next For OL’ Reliable ETH?

At present, Ethereum finds itself perilously close to a support zone—one that’s seen better days—hovering around the $1,520 to $1,540 range. Quite the nail-biter, isn’t it? This charming little spot has held strong throughout early and late 2023, and now it’s feeling a bit of a squeeze. Should ETH suffer the indignity of slipping below this idyllic range, we might be looking at a rather dismal $1,400 for the next act of this grand performance.

Matters turned decidedly more grim when ETH decided to break below the $1,870 to $1,880 range, which had previously offered a cozy hug of support. This reckless act has sent analysts into a tizzy, predicting a descent into the $1,520–$1,540 corridor—a scenario that is, alas, unfolding like a Shakespearean tragedy.

Now, wouldn’t you know it, the RSI has ambled into oversold territory. While this could hint at a not-so-distant bounce, it’s hardly an invitation to pop the champagne. You see, back in March, the RSI was similarly oversold, leading to a brief and rather jolly recovery before ETH decided it was time to take another plunge. Talk about a recurring nightmare! 🎢

The Whales Are Swimming Away from ETH!

In harmony with this market pandemonium, an Ethereum whale suffered a staggering $106 million liquidation on Maker over the weekend, unloading 67,570 ETH. Ouch! Can you hear that? It’s the sound of our dear whale sobbing into its massive pile of coins.

As $ETH plummeted, the 67,570 $ETH ($106M) held by this whale on #Maker was liquidated!

— Lookonchain (@lookonchain) April 7, 2025

And if that wasn’t enough to induce a few heart palpitations, Lookonchain also divulged that a particularly skittish investor panic-sold 14,014 ETH—worth a ripe $22 million—in a single evening. The fear gripping the crypto space is palpable, rather like running into a bear in the woods! 🐻

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2025-04-07 08:37