Ethereum price tumbled below the $1,890 mark on Friday, emerging as the second-largest loser among the top 10 ranked assets behind XRP.
Bulls Surrender Gains as Ethereum (ETH) Tumbles Below $1,900
Earlier this week, Ethereum (ETH) had achieved notable gains, testing the $2,100 level on Wednesday.
This initial rally was fuelled by bullish catalysts, including the announcement by Trump-backed WLFI to launch a stablecoin on Ethereum and BNB Chain, as well as the successful deployment of the Pectra upgrade.
Ethereum Price Action | ETHUSD
However, the landscape shifted dramatically following President Donald Trump’s announcement of new tariffs, which sparked widespread losses across financial markets. Ethereum was among the hardest hit, with its price plunging 6% to trade as low as $1,870 on Friday.
As of press time, ETH price had recovered slightly to $1,895. The accompanying rise in trading volumes suggests that Ethereum could face additional selling pressure in the coming sessions.
Ethereum Bulls Suffer Largest Losses Amid $450M Market Liquidations
Ethereum’s spot market performance positioned it as the hardest-hit asset, leading total liquidations in the past 24 hours. Data from the derivatives markets indicates that many over-leveraged bullish traders were caught off guard.
According to Coinglass, total crypto liquidations reached $449.89 million, with Ethereum alone accounting for $136.21 million—the highest among all cryptocurrencies. This underscores the heightened volatility and risk associated with leveraged trading in the current market environment.
Crypto market Liquidations, March 29 2025 | Coinglass
Other major cryptocurrencies also experienced significant losses. Bitcoin (BTC) saw $116.56 million in liquidations, XRP recorded $24.86 million, and Solana (SOL) faced $17.28 million in liquidations.
These synchronized declines among top-ranked layer-1 altcoins highlights the broader market’s sensitivity to external macroeconomic pressures.
If the prevailing weak market sentiment persists, Ethereum could face further downside risks in the near term.
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