Derivatives Liquidation Spells Trouble for Major Altcoins Following US Elections
Key Summary
Major digital assets suffered aggressive sell-offs across major spot exchanges following the conclusion of US mid-term elections, with Ethereum testing resistance at $2,400 while Binance Coin faced $5.00B in exchange outflows following recent security incidents.
Key Bullets
- Ethereum declined sharply after failing to hold gains, leaving sellers in complete control with immediate downside targets resting near $2,000.
- Ripple tumbled 6.0% over the week as persistent selling pressure pushed the token closer to critical psychological floors at $1.10 and $1.00.
- Binance Coin retreated to $690 following $5.00B in net platform withdrawals recorded after the largest security breach in exchange history.
- Hyperliquid plunged 17.0% after surrendering its advance toward the $97.00 ATH, forming a vulnerable bearish wedge on daily charts.
Ethereum Faces Downside Pressure Near Support
Ethereum dropped sharply during Wednesday morning trading sessions, erasing a brief 10.0% advance and reconfirming $2,400 as a formidable overhead barrier. Order-book data monitored on TradingView shows five consecutive red weekly candles with lower lows, handing absolute dominance to short-term sellers.
The leading alternative asset now looks toward a defensive floor near $2,000. If that level fails to absorb selling volume, automated liquidation cascades could easily push prices down toward $1,800. Traders took immediate notice.
XRP And Cardano Extend Weekly Losses
Ripple closed the week down 6.0% near $1.20 as order books showed persistent downward momentum across spot trading venues. Downtrend acceleration leaves the cross-border settlement token vulnerable to a test of $1.10 and $1.00. Liquidity vanished rapidly.
Cardano mirrored this weakness, shedding 5.0% and wiping out more than half of the capital gains accumulated during late-summer rallies. Technical charts indicate that ADA must defend support between $0.18 and $0.16 to avoid a complete retracement to June lows at $0.15.
Binance Coin Battles Outflows And Support
Binance Coin slid to $690 following heavy selling pressure that closed the weekly candle down 4.0%. On-chain transaction records confirm that Binance experienced $5.00B in net withdrawals after reopening platform access following the largest security exploit in exchange history.
Market makers are currently contesting the $690 price floor. A breakdown here exposes BNB to an accelerated drop toward $580 as platform risk remains priced in by institutional trading desks.
Hyperliquid Erases Record High Gains
Hyperliquid led downside performers after surrendering an aggressive rally toward its $97.00 ATH, finishing the weekly session down 17.0%. Price action since the start of 2025 has carved out a massive bearish wedge pattern on spot charts.
A breakdown below this technical formation suggests the asset topped permanently at $97.00. Recovery will likely require months of consolidation.
About CryptoNewsFree Market Intelligence Wire
The CryptoNewsFree Market Intelligence Wire provides rapid, objective coverage of breaking crypto developments, regulatory actions, and market liquidity trends. Our reporting strictly follows our Editorial & Verification Standards.