Ethereum (ETH) Slips as Whales Hunt Overleveraged Longs Below $3.7K

TL;DR

• Ethereum falls near $3,600, risking liquidation of high-leverage long positions held by traders.
• BlackRock’s ETF adds $100M in ETH, while Devnet-3 launches shortly after the Fusaka upgrade.
• Analysts see $4,000 as the final hurdle before Ethereum targets $13K to $17K levels.

ETH Drops Back After Strong Weekly Rally

Ethereum (ETH) fell below $3,700 after hitting a recent peak of $3,850. The price traded at around $3,650 at press time. 

ETH trading volume remains high, with over $53 billion in activity in the past 24 hours. The daily price dropped about 2%. Despite the pullback, ETH is still up nearly 24% in the last seven days.

Consequently, crypto traders are paying attention to leveraged positions around the $3,600 to $3,700 range. Analyst CW shared that ETH is now in an area with heavy long positions. To trigger liquidations, the price would need to fall closer to $3,600.

$ETH is falling and has reached a high leverage long position accumulation area.

However, in order to liquidate the high leverage long position, it needs to fall to $3600.

Whales will not easily allow retail investors to have high leverage positions. pic.twitter.com/tUeOx7e1fT

— CW (@CW8900) July 22, 2025

Lookonchain shared that trader AguilaTrades, who recently switched from short to long, is down nearly $3 million. The liquidation level on this position is $3,654.77. With the price hovering just above that, further losses could push it into liquidation and add to selling pressure.

BlackRock and Developer Activity

Large buyers continue to add ETH. BlackRock’s ETF recently added more than 27,000 ETH, worth about $100 million. Ethereum also led digital asset inflows last week with $2.12 billion, setting a new record.

As reported by CryptoPotato, the Ethereum team is preparing for the Fusaka upgrade, which is expected to go live in early November. This upgrade aims to improve the network’s speed and efficiency. 

Additionally, two days after Fusaka’s mainnet launch, a new testnet called Devnet-3 is scheduled to go live. Meanwhile, developers are already working on the next upgrade phase, known as Glamsterdam.

$4,000 Level Seen as Key Barrier

Ethereum is once again nearing the $4,000 level. This price was the peak during the 2021 cycle. According to analyst BitBull, this zone is likely to act as the final barrier before a breakout.

Past cycles show that Ethereum tends to move fast after clearing major resistance. Projections show a possible target range between $13,000 and $17,000 if the pattern repeats.