The DeepSeek shock waves had just settled across the markets; Trump’s tariff war caused havoc within the crypto space. The new tariffs of 25% on Canadian & Mexican goods and 10% on Chinese goods and a retaliatory 25% tariff from Canada on American goods have changed the market dynamics in the traditional as well as the crypto markets. Bitcoin price slipped down to $91,000 while Ethereum plunged to reach close to $2000, testing the multi-year support range.
In the past 24 hours, Ethereum has faced a massive long liquidation of over $610 million compared to $411 million of Bitcoin. Moreover, the single largest liquidation order was with ETH/BTC of around $25.64 million. Meanwhile, this opportunity was utilized well by a whale ‘7 Siblings’ who spent $111.72M and bought 45,047 ETH at an average price of $2,480.
This accumulation seems to have offered some momentum for the ETH price rally, which has recovered above $2500 in the times when the bottom below $2000 was on the horizon. Despite this, bearish clouds continue to hover over the second-largest token as the buying volume has not reached the expected range. Therefore, the price needs to hold above $2500 and secure levels above $2800 at the earliest, which may revive a decent upswing.
Throughout the year 2024, altcoins have maintained a significant strength by surging over 50% to 60% from the yearly lows. Regardless of this, the possibility of the start of an Altseason remains unclear as Bitcoin dominance is gaining traction while Ethereum dominance continues to drop.
the latest correction not only caused a huge drop in BTC price but also helped the BTC dominance to spike above the crucial resistance and reach 61.83%. On the other hand, ETH dominance, which had stabilized at around 20%, has plunged to levels close to 10%. On the other hand, ETH/BTC has broken down from a descending parallel channel, flashing bearish waves across for the second-largest token, delaying the Altseason.
After facing massive liquidation among the top 10, the macro-buy signal for Ethereum has just flashed on. Therefore, the ETH price is expected to bounce back strongly as it has been used as a rare opportunity to bid amid the larger sell-off than expected.
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