An ether (ETH) position worth over $126 million was on the brink of liquidation, coming within 4% of being wiped out during a crypto market plunge. ETH has now lost 22% of its value in the past 48 hours, trading at $2,080. A critical bounce at $2,000 prevented a series of liquidations on MakerDAO, a decentralized finance platform. Three positions, totaling $349 million, are set to be liquidated if ETH falls between $1,796 and $1,929. Liquidations in DeFi can cause significant market volatility as they involve spot assets, not derivatives. Data shows $1.3 billion worth of ETH is currently liquidatable, with $427 million within 20% of the current price. ETH has underperformed against bitcoin, with the ETH/BTC ratio at 0.0235, far below previous cycle highs.
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