Quick overview

Live ETH/USD Chart

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Ethereum (ETH) experienced one of the most significant declines among major cryptocurrencies during the severe flash crash that impacted the market. Within just a few hours, ETH plummeted approximately 17%, dropping from around $4,500 to $3,300.

 

The sell-off was intensified by cascading margin calls, resulting in over $600 million in total cryptocurrency liquidations, including more than $235 million in long positions for ETH alone.

October has historically been a strong month for Bitcoin’s price, leading many in the cryptocurrency industry to anticipate similar outcomes each fall. In a move that he acknowledged could be “potentially painful” for Americans, President Trump announced the cancellation of a scheduled meeting with Chinese President Xi Jinping and imposed a “massive increase” in tariffs on Chinese goods entering the United States.

The decline began late in the afternoon UTC and continued to worsen into the evening. By early October 11 (Asia time), there were indications of partial recovery, with ETH rising slightly to $3,800.

According to Coinglass data, over 1.5 million traders were affected in a 24-hour period that saw $9.4 billion in total cryptocurrency liquidations, marking the largest one-day event since the 2022 FTX collapse. Following a previous rally, there was a rush to de-risk, evident from the $235 million in net outflows related to ETH-specific liquidations.

ETH broke down from its rising channel after falling below critical support at $4,141, accompanied by a volume spike to 372,000 units—nearly double the 24-hour average. While buyers stepped in near $4,100, the $4,287 level remains a significant point of resistance.