Ethereum Plummets 11.24% as Bitcoin Slide Triggers $164.7M in Liquidations

Ethereum's price experienced a significant decline over the weekend, dropping below $1,600 as Bitcoin's slide triggered widespread liquidations across major altcoins, including Ethereum. The bearish sentiment extended from the US trade war into the crypto sector, causing Ethereum to plummet to a three-week low near $1,650 on April 6. This sharp 11.24% drop within 24 hours was the largest single-day loss for Ethereum in over a month, erasing nearly all of the previous week's gains.

According to data from CoinMarketCap, the 11% downtrend represented Ethereum's lowest intraday print since mid-March. The initial bullish momentum for Ethereum had been fueled by a risk-off rally sparked by China’s reciprocal tariffs, which briefly pushed Ethereum above $1,770. However, this momentum unraveled as Bitcoin bulls failed to sustain upside pressure into the weekend, leading to cascading losses across the broader crypto ecosystem.

Coinglass liquidation data revealed a grim picture for Ethereum traders, with over $164.7 million in long liquidations over the past 24 hours, second only to Bitcoin. The bulk of these liquidations occurred during Sunday’s swift plunge, indicating that bulls were heavily leveraged during Bitcoin’s decline. The Ethereum liquidation heatmap from Coinglass highlighted a significant support concentration around the $1,550–$1,570 region, with over $76.2 million in leveraged long interest stacked at the $1,554 level.

This zone now acts as a key inflection point for Ethereum. If the price defends this level, it could serve as a springboard for recovery as bargain buyers step in. However, if the support crumbles, a steeper correction toward $1,480 or even $1,420 could play out, as there are few notable liquidity cushions below that range. With Bitcoin still struggling below $80,000, Ethereum’s near-term prospects remain fragile. Until Bitcoin reclaims lost ground and market confidence stabilizes, Ethereum bulls face the dual threat of weak price action and thinning order book support.

Ethereum’s price forecast now leans cautiously bearish as technical indicators deteriorate. The daily RSI prints 28.59, confirming oversold territory for the first time since early March. While this suggests a short-term bounce could develop, it also reflects capitulation from bulls, especially as the broader trend structure continues to weaken. Price action is now below the 50-day SMA at $1,787 and far under the 200-day SMA at $1,894—both critical resistance levels that previously provided directional bias for long setups.

A bullish defense at $1,555 could stabilize sentiment, but failure to hold that lifeline increases the likelihood of testing $1,480, a key liquidity pocket. Unless Bitcoin reclaims $80K soon, Ethereum may remain vulnerable to further weakness. Near-term recovery will depend on buyers reclaiming $1,655 and sustaining momentum above the short-term EMAs.