Todays recovery attempt by most cryptocurrencies turned out to be a fakeout as the market has turned red once again.

This time, Ethereum has taken the painful main stage, dumping by over 11% since its all-time high registered just over 24 hours ago.

ETHUSD. Source: TradingView The landscape around the worlds second-largest cryptocurrency changed for the better on Friday evening, after Jerome Powells rather promising speech about future key interest rate cuts. ETH reacted with an immediate price surge that drove it from $4,200 to a new all-time high of almost $4,900.

After a much calmer 48-hour period during the weekend, the asset went on the offensive once again on Sunday evening and set another record of over $4,950. Thats where the situation changed for the worse, and ETH, alongside BTC and the rest of the market, tumbled hard.

Bitcoins price plunged to a six-week low, leaving over $300 million in longs liquidated in just one hour before it dumped further to $110,000 today. BTC took yesterdays correction a lot worse, while ETH, perhaps aided by the continuous big purchases from whales and corporations, performed slightly better.

However, Ethereum has dumped hard now, losing over $550 since yesterdays peak in a drop to $4,400 marked minutes ago. This price dump is rather surprising given the fact that large entities continue to accumulate the token en masse, including this massive $2.5 billion purchase reported by Arkham Intelligence.

THIS MASSIVE WHALE JUST BOUGHT AND STAKED $2.5 BILLION USD OF ETH

This guy just bought $2.55B USD of ETH from Hyperunit and staked it ALL through the same staking contract.

His last deposit was only 1 HOUR ago. Will he keep buying? pic.twitter.com/YAAPHkfwIM

The liquidations are once again on the rise. In the past hour alone, the total value has risen to nearly $285 million, with longs representing the majority of that amount. ETH leads the pack, with over $110 million in longs wrecked.

Almost 180,000 traders have been liquidated in the past day, with the single largest wiped out position taking place on Binance. It was worth north of $7 million and involved ETH.

Liquidation Heat Map. Source: CoinGlass