On Friday, crypto markets plunged as trade tensions between the U.S. and China escalated, with Trump threatening higher tariffs on Chinese goods. Ethereum’s ether (ETH) dropped 7%, hitting its lowest price since September. Bitcoin (BTC) fell 3.5%, and the CoinDesk 20 Index was down 5%.

The market downturn led to over $600 million in leveraged trading positions being liquidated across crypto derivatives markets. ETH saw over $235 million in long positions liquidated, with longs being leveraged bets on price increases.

The liquidation cascade was triggered by ETH breaking critical support levels, according to CoinDesk Research’s technical analysis model. Selling pressure increased significantly, with volume hitting 372,211 units, well above the 24-hour average.

Key levels to watch include volume-based resistance at $4,287, primary resistance at $4,141, and potential support forming just below $4,100 where buyers are stepping in.

Read more at Yahoo Finance: Ether’s 7% Plunge Leads Crypto Liquidations in $600M Carnage