ETH Token Surges 4.8% After $701M Liquidations and Whale Activity Amid Geopolitical Tensions

Ethereum (ETHUSDT) experienced significant volatility in the past 24 hours, primarily driven by heightened geopolitical tensions following US strikes on Iranian nuclear facilities, which triggered over $701 million in crypto liquidations. This environment led to a sharp price drop and rapid recovery, with on-chain data revealing a large whale facing a $22 million unrealized loss on long ETHUSDT positions, while another whale accumulated $39 million in ETH during the downturn. The flash crash on June 22 saw ETH fall 8% to $2,224 before rebounding as buyers stepped in, reflecting strong market participation and high trading volume.

Currently, ETHUSDT is trading at $2,299.59 on Binance, up 4.84% from the 24h open of $2,193.50, with robust 24-hour trading activity and a market cap ranging from $268.45 billion to $275.84 billion. Despite recent weekly and monthly declines, Ethereum shows signs of stabilization and renewed interest from large investors, with analysts highlighting the potential for a relief rally as the asset approaches oversold levels.