Bitcoin and Ethereum faced another turbulent trading session on November 17, with volatility triggering more than $70 million in liquidations across leveraged positions. Ethereum briefly dropped below the key $3,000 level for the first time in weeks, while Bitcoin tested support around $92,000, indicating growing uncertainty among leveraged traders.
The selloff comes after weeks of corrective price movement across the market, suggesting a broader deleveraging cycle rather than asset-specific weakness. Both assets are now trading at price points that traders view as crucial for determining short-term momentum.
Ethereum slips beneath a critical psychological barrier
Ethereum fell below $3,000 during the trading session before recovering slightly to $3,019. The sudden drop resulted in approximately $50.7 million in liquidations, according to data from Coinalyze. A large portion of these liquidations came from long positions, highlighting that many traders were positioned for upside during the decline.
Technical indicators show that Ethereum has entered deeply oversold territory. The Relative Strength Index (RSI) stands near 31, reflecting aggressive selling pressure throughout November. Ethereum has now fallen around 37% from its October high near $4,800.
Volume profile data paints a challenging picture for recovery attempts. The highest historical trading activity occurred between $4,000 and $4,400, which forms a heavy resistance cluster. If Ethereum begins recovering, this price zone is likely to act as a substantial supply wall.
On the downside, the current support level at $3,000 is being tested, and failure to hold that line may create room for a move toward $2,800. Immediate resistance sits at $3,800 based on recent trading structure.
Bitcoin continues to defend the $92,000 zone
Bitcoin’s decline also contributed significantly to overall liquidations. The asset trades at $92,071 — a 2.24% decrease in the past 24 hours — and recorded about $18.2 million in liquidations during the session. Similar to Ethereum, the majority of these liquidations came from long traders.
Bitcoin has now dropped around 27% from its October peak of roughly $127,500, showing that corrective movement remains intact. Indicators show heavy price exhaustion, with Bitcoin’s RSI sliding to 28.77, one of its lowest readings during the recent correction.
Volume analysis highlights major resistance levels between $110,000 and $112,000. These zones previously attracted high buying activity and may now act as barriers against any rebound. The former support at $104,000 has now flipped into resistance, and analysts observe that Bitcoin needs to reclaim the $100,000 mark to generate renewed bullish sentiment.
If the current level fails to hold, traders are watching $88,000 as the next critical support range.
A broad liquidation event rather than isolated weakness
The synchronized decline between Bitcoin and Ethereum suggests market-wide deleveraging instead of fundamental deterioration in either network. Aggregated data from Coinalyze shows consistent selling pressure throughout the correction phase, illustrated by the dominance of red liquidation bars.
Long traders bore the majority of the losses as funding rates turned negative and margin calls triggered a cascade of forced selling. Although the recent liquidation figure is significant, it remains below the extreme events seen earlier this quarter. Ethereum experienced an $800 million liquidation wave during a major drop in October — emphasizing that volatility in the crypto derivatives market remains elevated.
Potential signs of relief and what traders are watching
Both assets now sit at technical levels that could attract short-term relief rallies due to oversold conditions on RSI indicators. However, technical headwinds remain strong.
For Ethereum, the $3,000 level may decide whether the downtrend softens or accelerates. Holding above this line could strengthen the possibility of consolidation, while losing it might open the door to deeper selling.
For Bitcoin, the current battle centers around $92,000. A sustained move above $100,000 is necessary to shift market bias away from uncertainty. Until then, any upward attempt may run into profit-taking and high-volume resistance.
Institutional traders are also closely observing derivatives positioning. If open interest continues to decline, it may reduce the chance of further large liquidation cascades. On the other hand, if leverage builds while prices remain unstable, volatility could intensify.
What lies ahead
Market sentiment remains cautious following the liquidation surge. While oversold metrics provide room for recovery, the distribution of liquidity on both charts indicates significant barriers overhead. The market environment therefore favors patient positioning over aggressive risk-taking.
Traders and analysts now look toward whether Bitcoin can remain above the $92,000 region and whether Ethereum can hold the $3,000 support. Any breakdown below these thresholds may trigger another wave of liquidations, while stability could provide room for a gradual rebound.
For now, the crypto market remains in a phase of correction, and volatility continues to define the trading landscape.
Post Views: 1