Ethereum prices experienced a sharp reversal after hitting a new all-time high of $4,950. This move led to liquidations exceeding $720 million in the past day, with significant losses seen across various cryptocurrencies, including Bitcoin. Now testing support around $4,500, the token is vulnerable to further decline. 720 million USD in long positions were liquidated, with a large portion attributed to Bitcoin and Ethereum longs. Whales have been actively buying ETH this week, adding nearly $1.6 billion, while demand zones are aligning at the $4,590- $4,760 Fibonacci cluster. This recent price drop follows a strong August rally, suggesting potential seasonal weakness in September.