Ethereum Almost Liquidated Hundreds of Millions of Dollars: Here Are the Prices to Follow! - Coin Bulletin

With the sharp drop in the cryptocurrency market, Ethereum (ETH) came within just a 4% price move of a $126 million MakerDAO position being liquidated.

Ethereum, which has lost 22% value in the last two days, dropped to $2,080. Especially, the ETH held as collateral in the MakerDAO ecosystem is automatically liquidated when certain price levels are reached. The price reacting from the $2,000 level prevented cascading liquidations in the ecosystem. However, the liquidation levels in the market still pose a critical threat.

349 million dollar position in danger

If the ETH price had continued to fall, the first major liquidation level would have been $1,929. This would have been followed by liquidations at the $1,844 and $1,796 levels. A total of $349 million in positions was at risk at these three levels. In the market, major investors trade targeting these liquidation levels, and the sale of pledged ETH as collateral can cause the price to decline further.

According to DefiLlama data, the market is facing a liquidation risk of 1.3 billion dollars worth of ETH. Of this, 427 million dollars is located just 20% below the current price.

Ethereum is losing strength against Bitcoin

ETH has shown weak performance against Bitcoin (BTC) in recent times. The ETH/BTC ratio fell to 0.0235, well below the 0.156 and 0.088 levels seen in previous cycles. This is associated with increasing institutional interest in spot Bitcoin ETFs and the growing popularity of alternative blockchains like Solana (SOL). If the ETH price loses critical support levels, the market may face a new wave of selling.