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Ethereum (ETH) has been leading the broader crypto market sell-off on Monday, September, crashing 6% in last 24 hours. The Ethereum price drop on Monday has led to a massive $506 million in liquidations in the last 24 hours. Thus, it’s the largest contributor to the $1.7 billion in market-wide liquidations.
Ethereum Price Correction Intensifies In Crypto Market Sell-off
Crypto analyst Ted Pillows said that Ethereum (ETH) tapped today’s $4,100 liquidity level. He warned that if this support is broken, ETH price could drop further toward the $3,700–$3,800 range. However, he said that this could be a potential buy-the-dip opportunity.
Another market analyst, Michael van de Poppe echoed a similar sentiment. In his message on the X platform, he stated that $4,100 is a key support, breaking which could open the gates to $3,941. An additional selling pressure could further trigger a fall in the $3,400 to $3,600 range.
As per the Coinglass data, the Ethereum price correction has contributed the most to crypto market liquidations. In the last 24 hours, the ETH long liquidations stand at $506 million, while those for Bitcoin are at $288 million.
Ethereum (ETH) is currently trading at $4,183, with analyst Kyle Chasse warning of significant liquidation risks. A drop toward $3,815 could trigger approximately $643 million in long liquidations, while over $8.2 billion in short positions remain exposed above current levels, potentially setting the stage for a major short squeeze. According to the latest ETH liquidation heatmap, a breakout above $4,300 could ignite strong upside momentum.
Ethereum Price and Gold Comparison
Market experts also cite an interesting correlation between Gold and Ethereum price and how the two assets have been moving in opposite directions. Ether (ETH) fell as much as 10% while gold continued its rally to record levels. This marks one of the largest divergences between the two markets in over ten weeks.
Additionally, as per crypto analyst Ted Pillows, Ethereum shares an interest correlation with the Coinbase (NASDAQ: COIN) stock. The analyst noted that the Coinbase (COIN) chart often leads Ethereum’s price movements, including bottom formations, all-time highs, and corrections.
Following a 30%+ correction in COIN, Ethereum could see further downside before a potential reversal and a move toward a new all-time high. Thus, in this case ETH price could fall to $3400 before resuming the upside.
ETH Treasury Firm Bitmine Buys the Dips
Earlier today’s Tom Lee’s Bitmine Technologies added 264,378 ETH to its reserves, bringing its total Ethereum holdings to 2,416,000 coins. This accounts for more than 2% of the entire Ethereum network supply.
The company’s combined crypto and cash reserves have now reached $11.4 billion. It also reflects ongoing institutional accumulation amid rising interest in Ethereum and the wider cryptocurrency market. Speaking on the development, Tom Lee said:
“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years. Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”
