Ethereum, the second-largest cryptocurrency by market capitalization, recently experienced a significant price drop, breaking key support levels and triggering over $250 million in long liquidations. After trading in a range between $2,350 and $2,900 for over a month, Ethereum finally broke its structure on June 21st, dropping 4.56% to reach $2,215, the lowest level in nearly 50 days.
The market sentiment turned bearish as global tensions escalated, with the U.S. entering the Middle East conflict, causing a sharp decline in the crypto market. Ethereum led the bleed, losing 9.16% in a short period, indicating a strong correlation with broader market movements. On-chain metrics, such as Coin Years Destroyed (CYD), showed a spike, suggesting that long-dormant coins were suddenly being moved, potentially signaling smart money exiting the market.
An analysis of the chain data revealed that large holders, including OG wallets and whales, were offloading significant amounts of Ethereum before the breakdown, indicating a strategic exit to either secure profits or minimize losses. This shift in behavior among long-term holders (LTHs) could impact market sentiment, as retail investors may follow suit.
The focus now shifts to the $2,000 support level, which Ethereum must hold to avoid further downside. With a current price of $2,272, a retracement of nearly 12% would be needed to test the critical support level. However, given the recent market volatility and bearish positioning data, a breach of $2,000 is becoming increasingly likely.
As geopolitical tensions continue to weigh on the market and risk-off sentiment prevails, Ethereum faces the risk of another liquidity sweep that could push it below $2,200 and towards a retest of the $2,000 zone. Traders are closely watching the price action and key support levels to assess the likelihood of further downside moves.
In conclusion, Ethereum’s recent price breakdown and on-chain data suggest a shift in market dynamics, with smart money exiting positions and potential downside risk towards the $2,000 support level. Traders and investors are advised to monitor the situation closely and adjust their strategies accordingly to navigate the current market environment. The Benefits of Meditation for Mental Health
Meditation has been practiced for thousands of years as a way to quiet the mind and achieve a sense of inner peace. In recent years, there has been a growing body of research that supports the idea that meditation can have significant benefits for mental health.
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