Ethereum Bulls Face $185M in Liquidation as ETH Price Drops to Two-Month Low

Amidst the broader market correction once again today, the price of ETH has taken a big hit, falling below $3,000 for the first time since early November.

This has led to a lot of liquidation for overleveraged bulls, with the number skyrocketing to almost $200 million for ETH-related positions alone.

ETHUSD. Source: TradingView

As the chart above demonstrates, the second largest cryptocurrency broke above $3,000 after the US election in early November and didn’t look back for the next two months.

Also, the asset hit a high of just over $4,100 on December 16, but that was as far as it could go. During the year-end crash, ETH fell to $3,100, but managed to defend the $3,000 support.

It rebounded and went on the offensive in early 2025. Its annual high came on January 7 when it jumped to $3,750. However, that’s when the picture took a turn for the worse and ETH, along with the rest of the market, began to fall.

The subsequent rejection took the price of Ethereum to $3,300, where it spent most of the following days. However, another downward leg initiated by the bears today pushed it further south, dropping below 3,000 minutes ago for the first time since early November.

ETH is down exactly 20% from its January 7 high (or $750 in USD perspective). Today’s drop was particularly painful for overleveraged traders with long positions, as the total of these liquidations has risen to $185 million, according to CoinGlass.

In fact, ETH liquidations have even outpaced BTC, whose price dropped from $96,000 earlier this morning to below $90,000 briefly.

Liquidation heat map. Source: CoinGlass SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!