Ether (ETH) has fallen below the critical $2,000 mark, signaling potential for a more significant correction ahead. Currently trading at approximately $1,975, ETH has lost 5% in the past 24 hours, with over $111 million in long liquidations occurring as traders react to this downward trend. Analysts suggest that if ETH fails to reclaim the $2,200 resistance level, it may slide further toward the $1,750-$1,850 support zone.
The decline in Ether’s price is compounded by negative demand indicators, with its Apparent Demand metric hitting a 16-month low. Institutional interest is waning, as evidenced by seven consecutive days of net outflows from spot ETH exchange-traded funds, totaling nearly $392 million. This risk-off sentiment among traders, driven by geopolitical uncertainties and macroeconomic factors, raises concerns about Ether’s near-term performance.
Market professionals should closely monitor ETH’s movements around the $1,800 support level, as a sustained drop could indicate broader bearish sentiment in the cryptocurrency sector.
Source: cointelegraph.com