Ethereum took a nosedive, crashing to around $2,073—right at that ever-so-important $2,000 mark that has everyone on edge. This isn’t just another price drop; it’s a psychological battleground. Traders across the globe are holding their breath, praying that this support level holds.
After all, just last week, Ethereum had a wild ride, rising 14% before this latest plunge. Talk about a rollercoaster!
Just last week, Ethereum soared 14%, but now it’s back to the edge—what a wild ride!
In the last 24 hours alone, Ethereum’s price plummeted by 15%. Ouch. Nearly $165 million in ETH long positions got liquidated, leaving many investors scrambling. The sentiment? Definitely bearish. Polymarket bettors are already placing their bets that Ethereum could dip to $1,900 by the end of the month. It feels like a bad horror movie, doesn’t it?
While Ethereum boasts a robust smart contract ecosystem, its current price woes reflect a broader market trend. Decreased risk appetite due to economic uncertainty is sending shockwaves through crypto. Global trade tensions and rising inflation fears aren’t helping either. Moreover, the recent ETH long positions liquidated indicate that traders are feeling the pressure. Many investors are now turning to centralized exchanges for liquidity and support, hoping to navigate these turbulent times.
On top of all that, institutional interest is waning. Ethereum spot ETFs saw a staggering outflow of $335 million in just a week. Not exactly a vote of confidence. BlackRock and other big players have pulled back, which could mean even more downward pressure on prices.
Technically, Ethereum is looking shaky. A critical resistance lurks at $2,400, while the falling channel pattern suggests things might get even worse. The hourly MACD is firmly in the bearish zone, and the RSI is below 50. Additionally, declining ETH reserves on exchanges suggest a shift to self-custody, which could help alleviate some selling pressure.
All signals are pointing south. So, will that $2,000 support hold? Only time will tell, but the outlook isn’t looking too rosy right now.
