Ethereum faces high volatility as liquidations surge, driven by margin calls and the $1.4 billion Bybit hack. The theft increased selling pressure on the market. This forced traders out of leveraged positions and reduced Ethereum derivatives’ open interest, fueling price swings.
The Ethereum price has been fluctuating between $2,727 and $2,800, showing cautious optimism but lingering risk. Despite this, whales continue accumulating. A notable transfer of 36,000 ETH to Bybit raised speculation about Bybit’s liquidity strategy and financial stability.
Ethereum is consolidating, with $2,733 acting as a key pivot. Holding this level could push Ethereum’s price toward $3,000. However, if support weakens, it may slide to $2,621 or lower. Continued liquidations and whale movements will determine Ethereum’s next direction as the market stabilizes.