The ETH price crash has claimed its most high-profile victim yet. As US and Israeli forces launched missile strikes on Iran, Ethereum plunged over 8.8% to $1,859, triggering a cascade of liquidations . Among the hardest hit: veteran trader Machi Big Brother, whose aggressive 25x leveraged long positions were completely wiped out—twice .
Geopolitical Shock Triggers ETH Price Crash
The market bloodbath followed confirmed reports that the US and Israel conducted coordinated military strikes against Iran. Israeli Defense Minister Israel Katz stated the action was a “pre-emptive attack against Iran to remove threats,” while President Trump confirmed “major combat operations” were underway .
The crypto market reacted with violent selling. Total capitalization tumbled 5.5% to $2.21 trillion . Bitcoin dropped to $63,000, Solana crashed nearly 10% , and XRP fell 7% . But Ethereum suffered the heaviest blow, with the ETH price crash accelerating through key support levels.
Machi’s $29M Liquidation Disaster
On-chain data from Lookonchain reveals the devastating sequence. Machi’s initial 25x leveraged ETH long was completely liquidated, reducing his account to just $91,000 . Demonstrating either extraordinary conviction or recklessness, he immediately reopened another 25x long on 925 ETH ($1.78M) with a liquidation price at $1,866 .
When the ETH price crash pushed through that level, he was liquidated again. His total losses now exceed $29 million, with his account balance reduced to a mere $13,000 .
Market Outlook: Extreme Fear Dominates
The Crypto Fear & Greed Index has plunged to 11—Extreme Fear . Analysts warn that Ethereum’s price has already priced in the geopolitical uncertainty, with Swyftx’s Pav Hundal noting the market is still recovering from October’s $19B liquidation event .
My Thoughts
This ETH price crash is a brutal reminder that leverage is a double-edged sword. Machi’s $29M liquidation cascade likely exacerbated selling pressure, creating a feedback loop that pushed ETH through critical support .
• Ethereum ETF has recorded their first ETF outflow this week with more than $43M on Feb 27. Depite that the Ethereum ETF have had their first positoive weekly inflow since 5 weeks now.
The geopolitical trigger is real, but the structural damage is self-inflicted. When leveraged traders get washed out, it often signals capitulation. The $1,800–$1,850 zone must hold; if not, the next stop is a retest of the $1,500 range.
For survivors, this is where bottoms are built. Institutions are still accumulating. Panic is the price of admission.
