Two significant Ethereum whales have closed most of their leveraged positions in the past week, causing a sharp ETH price drop exceeding 20% and pulling Bitcoin down to previous cycle support levels. This sell-off originated from a large liquidation event involving a 200,000 ETH perpetual long position by a major whale known as Garrett. Analysts believe that with these liquidations mostly completed and strong technical support in place, Ethereum and the broader crypto market are poised to have reached their bottom, signaling a potential trend reversal.

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