TLDR

• ETH struggled below $1,900 after $2B worth of options expired last Friday
• Recent liquidations approached $100 million as leverage hit all-time high
• An Ethereum early adopter sold 2,001 ETH for $3.82 million, securing an $8.66 million profit
• ETH is now facing key resistance near $1,920 level with bullish trend line forming
• Reports suggest wallets linked to hackers may have dumped ETH during market weakness

Ethereum has been battling to maintain price stability above the $1,900 mark in recent days. The second-largest cryptocurrency by market cap has faced several challenges, including a major options expiry, high leverage, and significant sell pressure from both early investors and possible hackers.

Ethereum (ETH) Price

Last Friday marked a key event for Ethereum traders as approximately $2.13 billion worth of ETH options expired. Options in the crypto market typically expire on the last Friday of each month, and this particular expiry involved 301,000 ETH coins, equivalent to $574.3 million at market value.

💥BREAKING:

AN ETHEREUM OG SOLD HIS LAST 2,001 $ETH FOR $3.82M.

HE MADE $8.66M PROFIT BUT MISSED A $23M PEAK.

IT'S TIME FOR THE NEW WHALES TO TAKE OVER! pic.twitter.com/ueJF8wvtZO

— Crypto Rover (@rovercrc) April 2, 2025

The options data showed a 0.39 call-put ratio. While a ratio under 1 is traditionally considered favorable for bulls, the market moved in the opposite direction. This unexpected behavior likely stemmed from uncertainty surrounding the options expiry.
 

Price Movement and Technical Indicators

The price of ETH dropped below the important $1,900 support level following the options expiry. This price point had previously served as a reliable support zone, but selling pressure forced ETH under this mark.

At press time, ETH was trading at $1,824.39, down 0.94% for the day. The cryptocurrency had attempted a bullish recovery prior to this decline, which may have encouraged leveraged positions among ETH holders.

ETH’s estimated leverage ratio reached a new all-time high this week. As a result, the market became vulnerable to liquidation events. In the 24-hour period observed, ETH saw $97.85 million worth of long liquidations.

However, recent price action shows signs of potential recovery. ETH has climbed above $1,850 and is now trading above the 100-hourly Simple Moving Average. A bullish trend line has formed with support at $1,860 on the hourly chart.
 

Potential Hacker Activity

Recent reports indicate that hackers may have taken advantage of market weakness. According to Looksonchain data, two new wallets received 14,064 ETH from Chainflip and Thorchain.

Hackers are dumping $ETH!

2 new wallets(likely related to hackers) received 14,064 $ETH from #THORChain and #Chainflip, then dumped for 27.5M $DAI at an average selling price of $1,956.https://t.co/hSP1PRGpuLhttps://t.co/6axvL6d7Dg pic.twitter.com/7RoYCGMdWD

— Lookonchain (@lookonchain) March 28, 2025

These addresses then reportedly sold the ETH at $1,956, receiving about $26.87 million worth of DAI stablecoin. While some analysts speculate this was orchestrated by hackers, others suggest it could have been market manipulation aimed at creating fear, uncertainty, and doubt (FUD).

The wave of selling pressure has shown signs of easing just above the $1,900 mark. This could indicate potential for recovery, especially if demand strengthens at these lower prices.

As ETH attempts recovery, it faces key resistance levels. The first major hurdle is near $1,920 and the 61.8% Fibonacci retracement level of the recent downward move from $2,032 to $1,767.

If Ethereum can break above $1,970, it could target the $2,020 resistance. A move beyond that might send ETH toward $2,050 or even $2,120 in the near term.

However, failure to clear the $1,920 resistance could trigger another decline. Initial support sits near $1,860 and the trend line, with major support at $1,845. Further losses could push ETH toward $1,800 or even $1,765.

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