Ethereum Price Crashes Below $1,900 As $165M In Longs Get Wiped Out
Ethereum price plunged below $1,900 on Mar. 29, erasing gains made earlier in the week and triggering widespread liquidations. Whale activity surged, while critics renewed attacks on Ether’s long-term investment appeal. The sharp decline follows nearly $165.3 million in long ETH positions liquidated on Mar. 28, according to CryptoQuant data shared by market analyst Ali. Prices dropped from over $2,050 on Mar. 26 to a low of $1,870 two days later. BTC/USD price chart. Source: CoinMarketCap According to CoinMarketCap, Ethereum is currently trading at $1,895, down 5.34% over the past seven days. Whales Exit, Dump Over 200,000 ETH Blockchain data shows large holders moved more than 200,000 ETH over the past two weeks. Ali noted in a Mar. 29 post that the 1,000–10,000 ETH address segment fell from 12.774M on Mar. 10 to 12.575M by Mar. 27. Source: Ali Martinez/X This coincided with a short-lived price surge earlier in the week, when ETH tested $2,100. The rally followed the successful Pectra upgrade and Trump-backed WLFI announcing a stablecoin deployment on Ethereum and BNB Chain. However, momentum reversed after President Donald Trump unveiled new tariffs, triggering a broad selloff across risk assets. Ethereum, already under pressure, saw accelerated outflows. Record Liquidations Mirror Bearish Sentiment On Mar. 28, ETH liquidations peaked, hitting the highest daily value this month. “$165 million in long #Ethereum positions have just been liquidated today,” Ali wrote, citing CryptoQuant data. Source: Ali Martinez/X Coinglass data also showed Ethereum leading 24-hour liquidations at $136.2 million, surpassing Bitcoin’s $116.5 million and XRP’s $24.8 million. The rapid wipeout suggests that many leveraged traders misjudged the midweek breakout. ETH/BTC Falls to 2020 Lows, Undermining Investor Confidence The ETH/BTC ratio fell to 0.02241 on Mar. 29 — the lowest since mid-2020, based on TradingView weekly charts. The drop highlights a multi-year trend of underperformance versus Bitcoin (BTC). ETH/USD 1-day price chart. Source: TradingView The weekly Relative Strength Index (RSI) dropped to 27.3, deep in oversold territory. Accumulation/Distribution data showed no reversal signs, adding to the bearish case. Ethereum has now erased over 17% in March alone, underperforming major layer-1 peers like Solana (SOL) and Bitcoin. The decline in relative value has reignited debate over Ethereum’s investment thesis. Critics Slam ETH’s Investment Appeal Venture capitalists and traders weighed in on the downturn. Lekker Capital’s Quinn Thompson labelled Ether “completely dead” as an investment, citing falling activity, fees, and user growth. Castle Island Ventures partner Nic Carter blamed Ethereum’s own layer-2 ecosystem for draining value from the base layer. Source: Quinn Thompson Carter wrote, “ETH was buried in an avalanche of its own tokens. Died by its own hand.” Source: X Merlijn The Trader claimed BlackRock holds $2 billion in ETH, adding, “Big money knows where this is heading.” CryptoGoos said 91% of Trump’s crypto holdings are based on Ethereum, calling it “extremely undervalued.” Dormant ETH Awakens, But Direction Remains Unclear Crypto Rover flagged a dormant Ethereum ICO wallet that moved 1,700 ETH ($3.18 million) to Binance after seven years, adding to concerns about profit-taking behavior in the current environment. ETH/USD 1-moth chart| Source: Crypto Rover/X Despite the sell-side pressure, some market participants expressed bullish sentiment. Crypto Patel urged traders to “buy the dip” on fundamentally strong assets, claiming potential returns of 5x–10x. Source: Crypto Elites/X Another market analyst, Crypto Elites, called the current drop a “historic moment, ” saying the Ethereum dip “has been bought.” Still, price action shows ETH under pressure. In a recent client note, Standard Chartered cut its ETH 2025 forecast from $10,000 to $4,000. Ethereum faces downward pressure amid market-wide risk aversion. Unless bulls reclaim key technical levels, the path forward remains uncertain.