Key Takeaways
How much has been liquidated in Bitcoin and Ethereum positions?
Bitcoin recorded $18.2 million in liquidations, while Ethereum faced $50.7 million in total liquidations, with the majority representing long positions.
Will Ethereum break below the psychological level of $3,000?
Yes. Ethereum briefly traded below $3,000 on November 17, marking a significant breakdown from this key support level.
Bitcoin and Ethereum saw significant liquidation events as both cryptocurrencies extended their corrections on November 17.
The sell-off pushed Ethereum below the critical $3,000 threshold while Bitcoin tested support near $92,000, leading to cascading liquidations of leveraged positions.
Ethereum is cracking the key support level
Ethereum briefly broke below $3,000 during today’s trading session and is currently hovering at $3,019 after a daily decline of 2.36%.
Source: Coinalyse
Breaking this psychological barrier, he says, has led to $50.7 million in liquidations Coinalyze data with short positions accounting for the majority of forced closures.
Volume profile data shows that Ethereum’s current price is well below key resistance zones.
The heaviest trading activity occurred between $4,000 and $4,400, creating a significant supply wall that could hinder recovery efforts.
Source: TradingView
There is immediate resistance at USD 3,800, while support is currently being tested at the USD 3,000 level.
The Relative Strength Index stands at 31.09, indicating a deeply oversold situation.
Ethereum is down about 37% from its October peak around $4,800, with continued selling pressure in November contributing to the collapse.
Bitcoin tests support at $92,000
Bitcoin is trading at $92,071, down 2.24% on the day, after facing $18.2 million in liquidations, according to Coinalyze data.
The flagship cryptocurrency is down about 27% from its October high of around $127,500, struggling to establish support above $90,000.
Source: Coinalyse
Technical indicators point to extreme oversold conditions. Bitcoin’s RSI fell to 28.77, the lowest during the recent correction.
Volume profile analysis reveals significant resistance between $110,000 and $112,000, where heavy trading activity previously occurred. This cluster poses a major hurdle to any recovery attempt.
Source: TradingView
The current price action is below all major support zones identified through volume analysis. The $104,000 level, which previously provided support, now acts as immediate resistance.
Bitcoin would need to regain $100,000 to change sentiment in the near term, although the path faces significant supply overhead.
Market dynamics and liquidation cascade
The coordinated decline in both assets signals a broader market decline rather than asset-specific weakness.
Aggregate liquidation data from Coinalyze confirms continued selling pressure, with red bars dominating the liquidation charts throughout the correction period.
Long positions bore the brunt of liquidations as over-indebted traders faced margin calls during the rapid decline.
The October period saw even larger liquidation events, especially for Ethereum, which experienced a spike of $800 million during that sell-off.
The current oversold conditions on both RSI indicators indicate potential for near-term recovery attempts.
However, the resistance zones of the volume profile indicate that any recovery will face significant technical obstacles.
Traders are keeping an eye on whether support remains at current levels or if further capitulation pushes prices towards $88,000 for Bitcoin and $2,800 for Ethereum.