Ethereum tests key support amid high‑leverage liquidation

Ethereum is trading just above a critical technical support zone. Analysts note that the $1,691–$1,722 range is crucial, with a break below $1,668 likely to invalidate the current bullish wave pattern. The cryptocurrency hovered around $1,658 in one assessment and around $1,607 in another, reflecting a recent 3–6% decline.

A high‑leverage long position on the Hyperliquid platform was liquidated after the price fell to $1,635.71, exposing $1.82 million worth of ETH. The event, tracked publicly through address explorers, underscores the growing risk of leveraged crypto trades and the market attention such liquidations attract. Current market data show daily ETH trading volume near $13.5 billion, futures volume over $54 billion, and roughly $226 million in futures positions liquidated in the last 24 hours.