Key Points:
A single ETH trader lost $36.4 million in a single liquidation, with total losses exceeding $45 million.
Ethereum is now facing a large cluster of long liquidations in the $2370-$2500 range.
Technical analysis of ETH prices indicates a potential further decline of 10%-15% this month.
On Thursday, after ETH fell below $4000, an Ethereum trader lost $36.4 million due to a massive long bet being liquidated.
Wallet "0xa523" bet on 9,152 ETH expecting a price increase but became one of the largest single trader loss cases in the past 24 hours and was completely liquidated.
Lookonchain pointed out that wallet "0xa523" has only $500,000 left, with total realized losses exceeding $45.32 million, making it Ethereum's "biggest loser."
According to CoinGlass data, bullish traders suffered a blow from a $331.66 million long squeeze in the past 24 hours.
Just this week, Ethereum traders have already faced over $718 million in long liquidations, compared to $79.62 million in short liquidations. During the same period, the ETH price dropped by 10.56%.
CoinGlass's liquidation heatmap shows a significant accumulation of leverage between $2370 and $2500.
Therefore, if ETH continues to decline, many longs in this range will face liquidation, making it a region where selling pressure may intensify before the market stabilizes.
On the upside, there is a large cluster around $4760-$5000. If ETH rebounds to these levels, short sellers may be trapped and forced to cover, pushing prices higher.
Ethereum has confirmed a breakout of a symmetrical triangle pattern on the daily chart, which is typically a bearish reversal pattern, especially when it occurs after a strong uptrend.
This trend will immediately shift the bias to the downside, with the next short-term target near the 0.382 Fibonacci retracement level at $3595, about a 10% drop from current levels.
The downside target falls within the support area highlighted by ETH's volume profile (VPVR) — the $3600-$3400 range.
This area overlaps with ETH's 200-day exponential moving average (200-day EMA; blue dashed line) near $3392, indicating that if the sell-off continues to intensify in October, prices could potentially drop by 15% in the worst-case scenario.
Renowned analyst Kamran Azghar noted that the approximately $3600 area is a "key demand" zone, suggesting that ETH prices could rebound to $4900 or higher.
Meanwhile, analyst Cold Blood Shiller emphasized that Ethereum's weekly chart shows prices are retesting the key support area around $3800-$4000.
This area served as a resistance level during the 2022-2023 cycle. Successfully holding this level would enhance the likelihood of a bullish continuation, establishing a market pattern of former resistance turning into support.
If ETH bulls can hold the $3800-$4000 level in the coming days, the possibility of a rebound to the $4760-$5000 area still exists, a target previously mentioned by several bullish analysts.
Related: BitMine: Wall Street's adoption of growth and AI agent platforms could catalyze Ethereum (ETH) into a "super cycle."
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “ETH Price Falls Below $4000: Ethereum's 'Biggest Loser' Faces $36.4 Million Liquidation”
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