Ethereum’s price slipped sharply on July 28, falling from around $1,973 to about $1,873. The drop followed a rejection below the key $2,000 mark, triggering a wave of forced selling.
Buyers struggled to push ETH past the $1,975 $2,000 resistance zone, sparking a cascade of long liquidations. As leveraged positions were wiped out, the token breached several liquidation clusters, accelerating its fall.
Currently, Ethereum is testing the lower edge of a rising wedge pattern near $1,870 on the 4-hour chart. The next major liquidity zone lies between $1,840 and $1,850, which could act as a magnet for price action due to liquidations feeding trading activity.
This sharp correction erased much of the previous day’s gains, which had pushed ETH to its highest since early June. Despite the drop, Ethereum remains well above its early July lows near $1,560, holding onto a roughly 20% recovery from that point.
The liquidation heatmap reveals intense selling pressure between $1,950 and $1,890, reflecting where leveraged longs were forced out. also transfers from large wallets to centralized exchanges might have added to the selling momentum.
Nexo’s compliance push in Europe shows growing institutional activity, but it hasn't shielded ETH from this volatility.
This material is for informational purposes and does not constitute financial advice.
