Ethereum (ETH) liquidation data from the past six months reveals concentrated selling pressure around $1,800 as the cryptocurrency tested critical demand zones during early February 2025, with on-chain metrics showing substantial forced closures of leveraged long positions across major exchanges.
What Happened: Price decline
The second-largest cryptocurrency by market capitalization fell below multiple support levels within a descending channel pattern on daily charts. Price action accelerated toward the channel's lower boundary, producing what technical analysts describe as strong bearish acceptance rather than a temporary liquidity event.
The $1,800 region now represents a higher-timeframe demand zone where Ethereum previously established support during earlier trading cycles.
The asset generated a modest rebound from this level, though the recovery lacks structural strength and appears corrective. Market participants are watching the channel's middle line at $2,300 as the primary resistance during any consolidation phase, with a break above that threshold potentially opening pathways toward $2,500.
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Why It Matters: Market structure
On-chain liquidation data from the past six months shows significant liquidity concentration around and below $2,000, which price recently targeted. The selloff into this area triggered substantial liquidation of leveraged long positions, though residual liquidity pockets remain below current levels.
These clusters continue exerting downward pressure on price action, particularly if spot demand weakens and derivatives positioning rebuilds too quickly on the long side.
Four-hour charts reveal a sharp decline into demand followed by a shallow bounce lacking impulsive follow-through. Any retracement toward $2,300 to $2,600 would encounter supply zones where sellers previously intervened, likely acting as rejection points absent strong volume or momentum.
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