Ethereum (ETH) Tumbles Below $1,890, Emerging as the Second-Largest Loser

Earlier this week, Ethereum (ETH) had achieved notable gains, testing the $2,000 level on Wednesday.

Ethereum price slipped below the $1,890 level on Friday, becoming the second-largest loser among the top 10 ranked assets behind XRP.

Earlier this week, Ethereum (ETH) had shown strength, testing the $2,100 level on Wednesday.

Initially, the crypto was on the rebound after a successful Pectra upgrade and an announcement by Trump-backed WLFI to launch a stablecoin on Ethereum and BNB Chain.

However, the scenario changed following President Donald Trump’s announcement of new tariffs, which triggered broad-based losses in financial markets.

In response to the tariffs, Ethereum was among the hardest hit, with its price tumbling 6% to hit an intraday low of $1,870.

At the time of writing, ETH price had recovered to trade around $1,895. The increased trading volumes suggest that Ethereum could face more selling pressure in the coming sessions.

Largest Losses for Ethereum Bulls as $450M Wiped Out in 24 Hours

Among the major cryptocurrencies, Ethereum suffered the largest losses in the spot market, contributing to the bulk of the liquidations in the past 24 hours.

Derivatives traders were caught off guard by the market downturn, leading to massive liquidations, particularly in Ethereum, as evident in the data from crypto derivatives platforms.

According to the data from Coinglass, liquidations in the past 24 hours totaled $449.89 million. Among the liquidated cryptocurrencies, Ethereum had the highest value at $136.21 million.

The second-highest was Bitcoin (BTC), with $116.56 million in liquidations, followed by XRP at $24.86 million, and Solana (SOL) at $17.28 million.

The synchronized decline of the top-ranked layer-1 altcoins highlights the broad market sensitivity to external macroeconomic pressures.

If the market sentiment remains weak, Ethereum could continue to face downside risks in the short term.