Ethereum's recent price drop below $1,800 triggered a major whale liquidation, increasing market pressure. Meanwhile, open interest continues to decline. The ETH/BTC pair is in re-accumulation phase, hinting at a potential breakout.
Major Ethereum Holdings Liquidation
According to Lookonchain, Ethereum's drop below $1,800 led to the liquidation of a whale holding 67,675 ETH, valued at $121.8 million. Despite attempts to prevent liquidation by adding 2,000 ETH ($3.73M), the situation remained challenging as the price fell below $1,836.43.
Ethereum Price Action and Open Interest Decline
Data from Santiment shows Ethereum's price action from September 2024 to March 2025, shifting from an upward trajectory to a decline by January. By March 12, 2025, the price had dropped to around $1,949, reflecting bearish sentiment. Open interest, too, mirrored this trend, falling to $3.51 billion by that date, indicating reduced market engagement.
ETH/BTC Pair Breakout Prospects
According to analyst Merlijn The Trader, the ETH/BTC pair is in a re-accumulation phase, suggesting potential for a significant breakout. Historically, Ethereum has gone through multiple accumulation phases, each followed by a sharp price increase. Current patterns point towards a possible repeat of this trend.
The current Ethereum market situation and ETH/BTC prospects illustrate the volatility of the crypto market and its susceptibility to external factors, including major liquidations. Market participants are focused on the possibility of a breakout, which could alter the present trend.
