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Home»Ethereum»Will Ethereum Price Hold the Line at $2,400 or Sink Deeper?
Ethereum

Will Ethereum Price Hold the Line at $2,400 or Sink Deeper?

June 21, 2025No Comments3 Mins Read
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The recent turbulence in the crypto market has caused a stir among traders, leading to widespread sell-offs and significant liquidations. According to CoinGlass, a staggering $458.61 million was liquidated in the past 24 hours alone, with Ethereum bearing the brunt of the impact. Out of the total liquidations, $170.78 million was attributed to Ethereum, with $157.03 million coming from long positions and $13.75 million from shorts. This surge in liquidations underscores the growing uncertainty and volatility in the market, leaving traders in a precarious position and clouding the short-term price outlook for ETH.

Exchange Inflows Spike:

Data from Santiment reveals a bearish trend for Ethereum, as the cryptocurrency is experiencing a surge in inflows to centralized exchanges, far surpassing outflows. This influx of ETH into exchanges typically indicates that holders are gearing up to sell their assets, aligning with the recent wave of liquidations that hit the Ethereum market. The magnitude of these inflows suggests either panic selling or aggressive profit-taking by investors. Historically, such behavioral shifts often precede further downward pressure on prices unless countered by significant buying activity. Until the influx of ETH into exchanges subsides, the selling pressure on Ethereum is likely to persist, indicating a prevailing bearish sentiment in the short term.

Ethereum (ETH) Price Analysis:

At the time of writing, Ethereum is trading at $2,444.01, marking a 4.15% decline over the past 24 hours. Despite the drop in price, there has been a notable 44.75% increase in trading volume, reaching $20.99 billion. This surge in activity is likely driven by the heightened volatility triggered by the recent liquidations.

See also  Ethereum Trades Inside A Multi-Year Bullish Pennant – Analyst Sees A Breakout Above $4K

From a technical perspective, Ethereum’s RSI stands at 40.29, just above the oversold threshold, suggesting a potential short-term rebound. Additionally, the 4-hour chart shows that ETH bounced off the lower Bollinger Band at $2,371, forming a bullish hammer-like candle, indicating support from buyers at lower levels.

However, Ethereum remains below the 20-period SMA, indicating bearish momentum. To initiate a recovery, bulls must reclaim the $2,495 resistance level. Failure to hold above this level could see Ethereum retesting the $2,400 support zone.

In conclusion, while Ethereum shows signs of short-term buyer support, caution is advised to traders given the bearish technical indicators and the high inflows of ETH into exchanges, signaling potential volatility ahead.

FAQs:

1. Why is Ethereum’s price dropping today?
Ethereum’s price decline is primarily driven by increased liquidations and heavy inflows to exchanges.

2. Is it a good time to buy ETH now?
Traders should exercise caution, as while Ethereum shows short-term buyer support, technical indicators remain bearish and exchange inflows are high, indicating potential volatility ahead.

3. What price levels should traders watch?
Key support levels for Ethereum are at $2,400, with resistance near $2,495.

Deeper Ethereum Hold Line Price Sink
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