Ether Slides to Near Two-Month Low as Liquidations Spike; Veteran Whale Reappears

Ethereum extended its pullback in the latest crypto-wide correction, briefly sliding to just above $2,000 earlier today—its weakest level in nearly two months. ETH is now down about 17% from this month's peak near $2,425, keeping market sentiment firmly bearish. Santiment Intelligence suggested conditions like these can sometimes set the stage for a major reversal, but for now price action remains heavy. Analysts are watching whether support holds after a series of failed rebounds this week around $2,400, $2,300, $2,200 and $2,100. During today's drop, ETH also lost the $2,050 area. Popular trader Ted Pillows said that break increases the risk of a deeper correction, adding that a decisive move below the psychological $2,000 level could mean fresh lows are "just a matter of time." Derivatives data point to significant long-side stress. Analyst CW noted that a large wave of ETH long positions was forced out on the way down. CoinGlass data show more than $250 million in ETH longs were liquidated over the past day, second only to bitcoin's roughly $380 million. CW added that as shorts were closed out, open interest fell sharply and Net Position Delta rose—signs that high-leverage longs were getting wiped out while bearish bets were being reduced, a dynamic that can sometimes cool volatility. One bright spot for Ethereum bulls is fresh accumulation by an early "OG" whale, according to Lookonchain. The wallet—previously highlighted for turning an early ETH buy into a 376x return over a decade—has resumed buying, picking up more than $8 million worth of ETH around $2,050. Lookonchain said the same participant previously sold when ETH traded above $2,850.