Ether's 7% Plunge Leads Crypto Liquidations in $600M Carnage

Group 1 - The core viewpoint is that escalating U.S.-China trade tensions, particularly President Trump's threat to increase tariffs on Chinese goods, have led to significant declines in the cryptocurrency market, with Ethereum's ether (ETH) experiencing the most severe drop [1] - Ethereum's price fell by 7% from its session high, reaching its lowest point since late September, dropping below $4,100, while Bitcoin (BTC) decreased by 3.5% to below $118,000, and the CoinDesk 20 Index fell by 5% [1] - The downturn in the broader market triggered a liquidation cascade in crypto derivatives, resulting in over $600 million in leveraged trading positions being wiped out across all assets, with ETH leading the liquidations at over $235 million [2] Group 2 - The technical analysis indicated that the liquidation cascade was driven by ETH breaking critical support levels, with significant selling pressure observed around 14:00 UTC, where the volume reached 372,211 units, nearly double the 24-hour average of 190,747 units [3] - Resistance levels were confirmed around $4,287, while primary resistance was identified at $4,141 during a failed recovery attempt [3] - Potential support for ETH is forming just below $4,100, where buying activity has emerged [3]