This week, the financial market enters a highly uncertain period. US President Trump is expected to announce a series of major trade measures on April 2, including the "reciprocal tariff" policy. Meanwhile, the US March non-farm employment report will be released on Friday, and Federal Reserve (Fed) Chairman Powell will also give a public speech. These three events are bound to become key indicators for observing the US economic, inflation prospects, and interest rate policy direction.
Extended Reading: Bitcoin Drops Below $82,000 》 Trump's Tariffs, Non-Farm Employment, and Powell's Speech to Be Launched This Week, Potential Market Volatility Summary
ETH Falls Below $1,800
Impacted by macro uncertainty, the crypto market continued to weaken last week, with Ethereum (ETH) breaking below the important $1,800 mark. According to Binance spot market data, around 6 AM today, ETH once dropped to $1,767.69, almost erasing all gains since October 2023.
Before the deadline, Ethereum slightly rebounded, temporarily reporting at $1,815.24, down 1.3% in the past 24 hours and 9% in the past 7 days.
Two Whales' Positions Near $9 Million at Risk of Liquidation
As ETH continues to decline, many leveraged long investors face liquidation pressure. On-chain analyst Yu Jin discovered that ETH's price was close to the liquidation edge of two whales' positions last night, with a total scale of $89.2 million.
- A large holder with 64,800 ETH, with a liquidation price of $1,788. Last night, it was close to this price several times, but the address did not take any margin call or risk reduction actions, showing an extremely high-risk tolerance. Currently, ETH's spot price is only a dozen dollars higher than its liquidation price, still in a precarious situation.
- In contrast, another large holder with 60,800 ETH chose to respond actively. Last night, he added 2,600 ETH as collateral and repaid 320,000 Dai, successfully lowering the liquidation price from the original position to $1,701, temporarily escaping the danger zone.
Addressing market questions about "why the ETH spot price has fallen below the first whale's liquidation price without being liquidated," Yu Jin further explained:
The whale with 64,800 ETH opened the position on MakerDAO, which uses oracle prices for liquidation, updated hourly. Last night at 9 PM, the oracle price was $1,795.8, higher than its liquidation price of $1,787.7, so the liquidation mechanism was not triggered.
Even if the spot price continues to fall, it will not be immediately liquidated before the next update (at 10 PM).
This means that the oracle mechanism actually provides leveraged users with a "buffer time" to repay debt or add collateral before the oracle updates, avoiding forced position closure.
Ethereum Gas Drops Below 0.5 gwei
Observing Ethereum's on-chain activity, most investors are not eager to take action, similar to the large holder, which is different from the usual situation of Gas spiking during sharp drops.
Etherscan data shows that ETH Gas once dropped to 0.37 gwei, currently at 0.48 gwei, with a basic transaction costing only $0.36, reflecting a significant cooling of overall on-chain activity.
