Ethereum slides below $3,400 support as liquidations surge and whale losses top $54 million

Ethereum entered a short-term downtrend after failing to hold above $3,400 six days ago, sliding to a local low near $2,800 and trading around $2,926 with a 6.9% daily drop. One large ETH long holder on Hyperliquid saw unrealized losses exceed $54 million as derivatives liquidations accelerated, while technical indicators signaled weakening momentum and potential retests of lower support levels.