Ethereum sees $246mln in liquidations – Can ETH hold $2015 support?

Ethereum entered a volatile stretch after a sharp liquidation wave erased bullish positions across the market.

Over the past 24 hours, nearly $246 million in long positions were wiped out. That forced selling added pressure as automated liquidations pushed prices lower.

The decline became more fragile as trading activity weakened alongside the sell-off.

Lower volume often reduces the markets ability to absorb aggressive selling. That setup can leave prices vulnerable to sharper downside swings.

Source: CoinGlass

The recent liquidation spike reflected how quickly bullish sentiment weakened after Ethereum lost momentum.

When leveraged long positions begin closing rapidly, the selling pressure tends to feed on itself. That chain reaction often accelerates short-term declines.

Having said that, the drop in trading volume made conditions even more unstable.

Fewer buyers stepped in during the decline, limiting the markets ability to slow the downward move. That left traders focused on whether stronger demand could return near key support levels.

Why are whales still buying ETH？

Amid the broader decline, one whale linked to Matrixport continued increasing its Ethereum long exposure.

The wallet reportedly held around 120,000 ETH worth nearly $254 million. The position also carried over $17.5 million in unrealized losses.

Source: X

That move suggested strong conviction despite weakening market conditions.

Even so, adding to leveraged positions during a decline also increased liquidation risk if Ethereum continued falling. In a market already under pressure, that setup could amplify volatility further.

Can ETH defend the $2015 level？

Ethereums next major demand zone sat near $2015.

This level could determine whether buyers were prepared to defend the broader trend or wait for lower prices.

If buying activity strengthens around this area, Ethereum may attempt a short-term recovery. However, a weak reaction could expose ETH to a deeper correction before a stable base forms.

Source: TradingViewIs Ethereum collapsing or resetting？

Despite the heavy liquidation pressure, the broader structure did not fully point toward a trend breakdown.

Instead, the move appeared closer to a leverage reset following an extended period of bullish positioning. These phases often remove excessive leverage before the market establishes a stronger directional move.