NAIROBI (CoinChapter.com)—Recent market-wide liquidations, institutional activity, and whale accumulation have led to notable price movements in Ethereum (ETH), Hedera (HBAR), and Bonk (BONK). While ETH is facing selling pressure despite a rebound, HBAR’s technical indicators are showing mixed signals, and BONK continues to attract speculative interest.
Ethereum Struggles Despite Recovery
In the current cycle, Ethereum has experienced one of its largest single-day price crashes, dropping nearly 25% before recovering above $2,900. Within the past 24 hours, the crypto market has seen liquidations exceeding $620 million, with ETH traders being the most impacted. Coinglass data shows that $464 million in long positions and $157 million in short positions were liquidated.
According to Bybit CEO Ben Zhou’s post on X, the actual liquidations could be even higher due to API limitations. On-chain data reveals that both short-term and long-term holders contributed to the selling pressure, resulting in $1.2 billion in losses over the past three days, the highest since September 2023.
The market sentiment turned bearish following President Donald Trump’s tariff increases on Mexico, Canada, and China. Nick Forster, the founder of Derive, pointed out that ETH options currently price in a 14% chance of ETH reaching $2,000 before March 28.
Additionally, ETH dominance has declined from 17.3% to 10.9% since the beginning of 2024, while daily transactions remain around 1.25 million, indicating stagnation despite the Merge.
However, institutional movements and whale accumulation indicate potential support. A whale wallet known as “7 Siblings” purchased 50,429 ETH worth $126 million after the market downturn, as reported by Lookonchain. Moreover, Ethereum exchange-traded funds (ETFs) saw $45.3 million in outflows last week, reflecting a shift in investor sentiment.
HBAR Price Rebound or Fakeout? Analysts Predict $3
Over the past week, Hedera (HBAR) has plunged 21.51%, dropping below $0.25, before rebounding 6.78% in the last 24 hours to $0.2522. The price remains at a critical juncture, with technical indicators showing both bearish pressure and the potential for a breakout.
The Average Directional Index (ADX) has surged from 11.4 to 43.3 in three days, reinforcing the downtrend. The Ichimoku Cloud remains bearish, with the price action below resistance. A death cross on the Exponential Moving Average (EMA) lines signals ongoing selling pressure.
However, analysts see a possible reversal. Shawn Sully has identified a Cup and Handle pattern, suggesting a rally to $0.57 if HBAR clears $0.40. Birdman expects an incoming golden cross, historically a bullish signal, with targets ranging from $0.66 to $3.
Meanwhile, Crypto Kip believes that HBAR’s ISO 20022 compliance could attract institutions and push the price to $5 by 2025.
For now, HBAR needs to reclaim key resistance to confirm a trend shift. If bullish momentum fades, another drop below $0.25 remains a possibility.
BONK Drops 11%—Rebound Incoming or More Pain Ahead?
Bonk (BONK) is currently trading at $0.00001772, up 1.13% in the past 24 hours, following an 11.09% decline earlier. The meme coin remains trapped in a descending channel, with sellers dominating the market.
Despite this decline, there is strong whale accumulation. Onchain Lens reported a whale purchasing 124.09 billion BONK worth $4.29 million, indicating long-term confidence. Analysts expect BONK to double in value by 2025, driven by Solana’s ecosystem growth and memecoin speculation.
Technical indicators remain bearish. BONK needs to break above the descending trendline to confirm a reversal. If support at $0.00001504 holds, a rebound towards $0.000020 could follow. Otherwise, further downside remains likely.
Ethereum’s price is under pressure from liquidations and declining dominance, despite institutional accumulation. HBAR has mixed technical signals, with analysts divided over its next move. Meanwhile, BONK continues to attract whales, reflecting ongoing interest in the memecoin sector.