Ethereum is facing heightened market stress after a whale holding 98,089 ETH in long positions worth $252.3 million was flagged as being at risk of liquidation. According to on-chain analyst @lookonchain, the liquidation price levels are set at $2,446.48 and $2,424.47. If ETH falls to those thresholds, forced selling could accelerate downside volatility and deepen the current correction.
On October 7, ETH dropped below $2,600, trading near $2,555 and losing 5.67% in a single day. CoinGlass data showed $201 million in Ethereum long liquidations, the highest single-day figure since June 5. Total crypto liquidations reached $665 million, and the largest single order was a $26 million ETH/USDC position on Binance. Watcher.Guru noted that $400 million in crypto longs were liquidated in just 20 minutes as support broke.
Analysts are now focused on the 100-week exponential moving average near $2,561. Ted Pillows warned that a weekly close below the 100W EMA could trigger a deeper correction, pointing to previous breakdowns in February 2025 and January 2026. Daan Crypto noted that open interest kept rising while prices fell, suggesting the downtrend may not be over. Trader Merlijn The Trader said holding the $2,500–$2,560 zone keeps a move toward $3,000 possible.
Ethereum ETFs added to the pressure with $201 million in outflows on October 6 and weekly outflows of $252 million, the largest since June 2026. Ethereum’s weighted funding rate turned negative at -0.0043%, indicating bearish sentiment. Geopolitical tension near the Strait of Hormuz, rising oil prices near $101.50 per barrel, and the U.S. 10-year Treasury yield around 5.31% also pulled capital away from risk assets.
If ETH closes below the 100-week EMA, support levels are seen near $2,400 and then $2,100. A recovery above $2,680 would be the first sign that buyers are stepping back in. Traders are closely watching the whale liquidation zone and ETF flows as key indicators for Ethereum’s next move.
