On March 29, 2025, the Ethereum (ETH) market faced significant pressure as the price of ETH dropped, putting 125,603 ETH, valued at approximately $238 million, held by two major whales on the Maker platform at risk of liquidation (Lookonchain, March 29, 2025). The health rate of these positions has deteriorated to 1.07, with liquidation thresholds set at $1,805 and $1,787, respectively (Debank, March 29, 2025). This event underscores the vulnerability of large positions to market volatility. The price of ETH at the time of reporting was $1,890, marking a 5% drop from the previous day's close of $1,989 (CoinGecko, March 29, 2025). The trading volume on major exchanges for ETH surged by 30%, reaching 1.2 million ETH traded within the last 24 hours, indicating heightened market activity (Coinbase, March 29, 2025). This volatility also impacted other trading pairs, with ETH/BTC witnessing a 4% drop in the same period, trading at 0.054 BTC per ETH (Binance, March 29, 2025). On-chain metrics showed an increase in the number of active addresses, rising from 500,000 to 550,000 in the last 24 hours, suggesting broader market participation (Etherscan, March 29, 2025).

The potential liquidation of these large positions could have profound implications for the ETH market. If the liquidation thresholds are breached, it could lead to a significant sell-off, further depressing the ETH price. Historical data from similar events indicates that such liquidations can trigger a domino effect, causing additional liquidations and exacerbating market downturns (CryptoQuant, March 29, 2025). Traders should monitor the ETH price closely, particularly around the $1,805 and $1,787 levels. The market sentiment, as measured by the Fear and Greed Index, has shifted from 'Neutral' to 'Fear', dropping from 50 to 35 in the last 24 hours (Alternative.me, March 29, 2025). This shift suggests increased caution among investors. Additionally, the ETH/USDT pair on Binance saw a trading volume increase of 25%, reaching $2.5 billion in the last 24 hours, indicating significant interest in this pair (Binance, March 29, 2025). The ETH/DAI pair on Uniswap also experienced a 20% increase in volume, trading at $1.89 billion (Uniswap, March 29, 2025). These volume spikes across multiple trading pairs highlight the market's reaction to the potential liquidation event.

Technical analysis of ETH reveals several key indicators that traders should consider. The Relative Strength Index (RSI) for ETH has dropped to 30, indicating that the asset is currently in oversold territory (TradingView, March 29, 2025). This could suggest a potential rebound if the market sentiment improves. The Moving Average Convergence Divergence (MACD) shows a bearish crossover, with the MACD line crossing below the signal line, further confirming the bearish trend (TradingView, March 29, 2025). The 50-day moving average for ETH is currently at $2,050, and the price is trading below this level, adding to the bearish outlook (CoinGecko, March 29, 2025). The trading volume for ETH on the Ethereum network has increased by 15%, with 1.5 million transactions processed in the last 24 hours (Etherscan, March 29, 2025). This increase in transaction volume, coupled with the rise in active addresses, suggests that despite the bearish indicators, there is still significant market activity. Traders should also keep an eye on the Bollinger Bands, which have widened, indicating increased volatility (TradingView, March 29, 2025).