Key Insights
- Ethereum price fell to $1,816.34 as ETH crypto liquidations reached $199.86 million in 24 hours.
- Ted Pillows warned ETH crypto could drop toward $1,700 unless it reclaims $2,000.
- Wallets linked to Erik Voorhees bought 48,647 ETH for $97 million over four days.
Ethereum price stood at $1,816.34 as ETH crypto liquidations reached $199.86 million over 24 hours. CoinGecko data showed a 5.8% daily decline. Analyst Ted Pillows warned that ETH crypto could fall toward $1,700 without a recovery above $2,000.
Meanwhile, on-chain data showed large holders buying and selling ETH crypto as U.S. Ethereum ETFs recorded outflows.
A CoinGecko snapshot placed ETH crypto near its 24-hour low of $1,813.27, after a high of $1,954.20. The chart showed the cryptocurrency approaching $1,950 before giving up its gains.
It then traded around $1,900 for several hours before falling below $1,850. Ethereum price data also showed a seven-day decline of 18.3% and a 30-day drop of 25.1%.
Ethereum Price Chart Shows Support Near $1,700
As Ethereum price struggled, Pillows pointed to a series of lost support zones in the Ethereum price chart.
His weekly ETH/USDT chart showed the cryptocurrency falling below a marked level near $1,965. That decline followed a retreat from around $2,700.
At the time, the weekly candle showed a 10.27% decline. It displayed ETH at $1,908.91, with a weekly open of $2,127.46. The chart identified $1,713.44 as the first support level, close to its downside target.
The weekly Ethereum price chart also illustrated a possible fall toward support, followed by a rebound. Above $2,000, it marked a resistance zone around $2,200 to $2,230.
Further resistance appeared near $2,800 and $3,447. Below the first support level, the chart highlighted another zone between approximately $1,400 and $1,450.
ETH Crypto Wallets Trade as Ethereum Price Decline
Alongside the Ethereum price decline, Lookonchain tracked purchases by wallets linked to Erik Voorhees. He is an early Bitcoin supporter and the founder of ShapeShift.
The addresses spent $97 million on 48,647 ETH over four days, according to the platform. The purchases took place at an average price of $1,994 per ETH. The addresses also held $78.68 million in stablecoins and could make further purchases, the platform said.
Other ETH crypto wallet activity included sales from an address linked to the Ethereum Foundation. Lookonchain reported a sale of 2,500 ETH for about $4.6 million.
Earlier, Lookonchain reported that the Foundation-linked wallet 0x5CBC sold 5,000 ETH over five days. Those sales totaled about $9.92 million, at an average price of $1,983.50.
Separately, Onchain Lens tracked a whale that exchanged 16,700 ETH crypto for roughly $30.94 million. The transaction worked out to approximately $1,852.45 per ETH.
Beyond the wallet transactions, U.S. spot Ethereum exchange-traded funds recorded five consecutive sessions of net outflows. Farside Investors data showed withdrawals beginning Nov. 5 and continuing through Nov. 11.
Those five sessions produced approximately $523.9 million in combined outflows amid a broader crypto selloff.
ETH Crypto Liquidations Hit $199.86 Million
CoinGlass data showed $184.14 million in long liquidations over 24 hours. Short positions accounted for another $15.72 million. Longs represented about 92% of the total liquidations recorded in the snapshot.
The ETH crypto liquidation figures also showed $121.30 million in positions closed over 12 hours. Longs accounted for $112.26 million, while shorts represented $9.04 million.
Within that period, liquidations reached $113.28 million in four hours. The total included $108.32 million in long positions and $4.96 million in shorts. Those four hours accounted for more than half of the full 24-hour total.
In the latest hour, ETH crypto liquidations totaled $44.40 million. Long positions made up $42.60 million, while shorts accounted for $1.79 million. In the same snapshot, CoinGecko listed perpetual futures open interest at $23.543 billion.
It recorded $12.836 billion in 24-hour trading volume. Ethereum’s market capitalization stood at $221.991 billion.
