ETH price on April 8: what levels matter after the market crash on Monday

On Monday, Ethereum (ETH) fell more than 14% in 24 hours, breaking critical support zones and trading around $1541, as a broader sell-off in the cryptocurrency market intensified, reportedly causing Bitcoin to drop below $76,000.

What role did the liquidation of "whales" worth 106 million dollars play?
Accelerating the decline, the blockchain data platform Lookonchain reported a large liquidation of whales. An address containing 67,570 ETH worth ~$106 million at the time on the Maker lending protocol was liquidated, which likely intensified the downward momentum.

Does explosive volume signal panic or buying?
The trading volume of Ethereum surged by over 345% during the price drop, while the derivatives volume grew similarly by 329%, according to Coinglass. Unlike typical rallies with high volume, this spike alongside the sharp price drop indicates a panic sell-off and aggressive repositioning of traders, rather than bullish accumulation.
Is ETH testing long-term logarithmic support?
The price drop has pushed ETH below the key support level of $1800, reaching a daily low of $1538. Technical resistance is now at What are the technical prospects after the drop?
A break below this long-term regression support level would be technically very significant and could potentially signal a deeper correction towards $1200 or even $1000 if macroeconomic conditions worsen.

On the contrary, the relative strength index (RSI) has fallen to an oversold value of around 27.31. Confirming intense selling pressure, such deep levels of oversold conditions often precede consolidations or relief bounces.

On the topic: Cryptocurrency funding rates indicate indecisiveness: BTC, ETH do not show strong bias.

If Ethereum finds support in the current regression zone of $1350-$1450, stabilization may occur, followed by an attempt to reclaim $1800. Holding the lower regression band is now of paramount importance for the bulls.