Why Is Ethereum Moving Today: Liquidations Push ETH/USD Lower

Market mover Neutral bias Oct 7, 2026, 02:19 UTC

Oliver HayesMarket Risk Analyst · ForexR analyst

Ethereum trades near the daily pivot after a sharp drop driven by long liquidations. Technical indicators are mixed as markets await the FOMC Minutes.

Ethereum (ETH/USD) trades at 2612.83 during the Asia session, positioned between S1 at 2571.25 and the daily pivot at 2634.81. The technical evidence conflicts across timeframes, keeping the overall bias neutral. On the daily chart, the trend is mixed despite price holding above the 200-day exponential moving average of 2292.48, with the 14-day relative strength index at 49.8. The nearest resistance is the daily pivot at 2634.81, and the closest support rests at the previous day low of 2592.45.

While the daily and 4-hour charts remain mixed, shorter-term momentum is visible on the 1-hour chart, which shows a downward trend. The 1-hour 20-period moving average sits at 2692.47, crossing below the 50-period average at 2700.28. In terms of major psychological barriers, the nearest round levels frame the action with 2600 below current price and 2650 above.

Volatility and Price Extremes

The asset fell by 84.48 dollars, marking a 3.13% decline on the day. The intraday movement covered a daily range of 105.92 dollars, which represents 123% of the 14-day average true range of 85.97, stretching past normal daily bounds. Stepping back to review recent historical extremes, the 5-day window shows a high of 2776.8 and a low of 2592.45, with a 5-day performance drop of 3.43%. Over the broader 20-day period, price holds between a high of 2807.1 and a low of 2411.57, maintaining an 8.12% gain across that window.

Liquidations Shape the Newsflow

Recent headlines highlight a wave of leveraged long liquidations as a possible driver for the downward pressure, as reported by Tokenpost. Coverage from other publishers, including Bitcoin and Crypto Briefing, notes ongoing technical and structural shifts within the network ecosystem, such as layer-2 operations and mainnet transfers. The media mood measured by an independent data provider has shifted lower, with the opportunity read falling from a bullish 16 to a bearish -39 over the last 24 hours to a current score of -41. This opportunity read reflects the news environment but does not map directly to trader positioning or forecast future price action.

FOMC Minutes and Liquidity Shifts

Looking ahead, the US economic calendar features the high-impact FOMC Minutes today at 18:00 UTC. This release carries the potential to introduce fresh volatility across dollar-quoted assets as market participants process the update. Market conditions and trading volumes may also shift earlier in the day when the London session opens at 07:00 UTC.

Technical Paths and Scenarios

For the bullish scenario, a break above the trigger at R1 at 2677.17 would open the way to the target at R2 at 2740.73, requiring a move of 63.56 dollars. A drop back below the invalidation level at the daily pivot at 2634.81 would invalidate this bullish view. Conversely, a break below the downside trigger at S1 at 2571.25 would open the way to the target at S2 at 2528.89, covering a span of 42.36 dollars. This bearish scenario requires price to stay below the daily pivot; climbing back above the invalidation line at 2634.81 would negate the downward setup.