Ethereum ETH Price Crash Triggers $600M Crypto Market Liquidation Carnage

Crypto markets experienced significant turmoil on Friday as escalating US-China trade tensions intensified market volatility. Ethereum's native token ETH led the downturn with a sharp 7% decline, dropping below $4,100 to reach its lowest level since late September. This performance significantly underperformed Bitcoin's 3.5% drop to under $118,000 and the broader CoinDesk 20 Index's 5% decrease. The market-wide selloff triggered massive liquidations across cryptocurrency derivatives markets, eliminating over $600 million in leveraged positions according to CoinGlass data. ETH dominated liquidation volumes with more than $235 million in long positions being wiped out during the trading session. Technical analysis revealed ETH broke through crucial support levels, with selling pressure accelerating around 14:00 UTC with trading volume reaching 372,211 units - nearly double the 24-hour average. Key resistance levels were established at $4,287 and $4,141, while potential support appeared to form just below the $4,100 level where buyers began entering the market.