- Ethereum’s price has fallen to $2,465, dropping below $2,500 from recent highs.
- In the past 24 hours, $320.86 million was liquidated, with $103 million in ETH leading the losses.
The crypto market is reeling from significant losses, with Bitcoin (BTC) falling under $59,000 and Ethereum (ETH) experiencing a sharp decline of nearly 10%, dropping from its high of $2,800 to below $2,500.
Particularly since the start of August, Ethereum has taken a significant nosedive and has struggled to breach the $3,000 zone—a level it had comfortably maintained for five consecutive months. Now, ETH is trading within February’s price range, marking a period of extended struggle.
In the past 24 hours, the cryptocurrency market has seen significant liquidation activity, 86,261 traders were liquidated, totaling $320.86 million. The largest single liquidation was recorded on Binance, involving an ETHBTC trade valued at $12.67 million. Notably, over $103 million in ETH was liquidated, surpassing other cryptocurrencies.
Ethereum’s Recent Decline and Recovery Attempts
Later on Monday, after reaching a high of $2,800, ETH dropped nearly 10%, now trading at $2,465, with a market cap of $296 billion. During the intraday trading session, the lowest price recorded for ETH was $2,394.
Currently, Ethereum signals there was a minor recovery attempt above the $2,450 and $2,460 levels. It traded close to the 23.6% Fib retracement level of the downward move from the $2,820 swing high to the $2,396 low. But ETH remains under pressure.
Ethereum is below the $2,674 level, which is the 21-day simple moving average (SMA). If it recovers, the price might face resistance around $2,500. Further, the Relative Strength Index (RSI) has dipped into oversold territory, standing at 23, meaning it may have been oversold and could be set for a rebound.
According to the ETH price prediction, if ETH attempts to break its recent lows, the first major resistance for Ethereum will be around the $2,540 level. Additionally, a bearish trend line is forming with resistance at $2,580 on the hourly ETH/USD chart. If Ethereum closes above $2,540, it could rise past $2,620 or the 50% Fibonacci retracement level.
Further, the next significant resistance is at $2,670. A breakout above this level could push the price toward $2,850 or even $3,000 in the near term.
However, ETH could face selling pressure if it climbs above the $2,700 zone. In that case, the price may drop back to the $2,500 level. If Ethereum fails to surpass the $2,500 resistance, it could continue to decline. Initial support is near $2,420, with the first major support around $2,400.
