Ethereum price tumbled below the $1,890 mark on Friday, emerging as the second-largest loser among the top 10 ranked assets behind XRP.
At the beginning of this week, Ethereum (ETH) had made significant advances, and on Wednesday, it tested the level of $2,100. Bullish factors, such as the announcement made by WLFI, which is backed by Trump, to establish a stablecoin on Ethereum and BNB Chain, as well as the successful deployment of the Pectra upgrade, were the driving forces behind this initial surge.
On the other hand, the landscape underwent a dramatic upheaval as President Donald Trump announced the imposition of new tariffs, which resulted in giant losses across the financial markets.
The price of Ethereum declined by 6%, reaching a low of $1,870 on Friday, making it one of the most severely affected cryptocurrencies. Ethereum’s price had somewhat rebounded to $1,895 at the time of this publication.
Ethereum Bulls Suffer Largest Losses Amid $450M Market Liquidations
As a result of the concomitant increase in trading volumes, it appears that Ethereum may be the target of increased selling pressure in the sessions that are to come.
The spot market performance of Ethereum has positioned it as the asset that has experienced the most significant pressure, resulting in total liquidations over the past twenty-four hours. Based on the data obtained from the futures markets, it appears that a significant number of bullish traders who were too leveraged were stunned.
Coinglass reports that the overall amount of cryptocurrency liquidations reached $449.89 million, with Ethereum alone accounting for $136.21 million, making it the cryptocurrency with the highest price among all cryptocurrencies.
As a result, the report highlights the increased volatility and risk that are associated with leveraged trading in the current market scenario. Additional prominent cryptocurrencies also suffered significant losses within this time.
The total amount of liquidations for Bitcoin (BTC) was $116.56 million, while the total amount for XRP was $24.86 million, and the total amount for Solana (SOL) was $17.28 million, respectively.
These coordinated drops among the top-ranked Layer-1 alternative cryptocurrencies bring to light the sensitivity of the overall market to external macroeconomic factors. It is possible that Ethereum will be subject to additional risks of decline in the near future if the current market attitude remains relatively negative.
