Ethereum (ETH) has retested its crucial $2,800 support level for the second time this week, as the broader crypto market erases all its intraweek gains. Some market observers have weighed in on whether investors should worry about King of Altcoin’s performance.
Ethereum Plunges Amid Broader Market CrashAccording to Binance market data, Ethereum fell below $2,800 on Thursday morning, briefly bouncing before reaching a one-month low of $2,773. Meanwhile, the leading cryptocurrency by market capitalization, Bitcoin (BTC), saw a sharp 6.2% decline, reaching a two-month low of $83,934.
Data from CoinGlass shows that crypto liquidations over the past 24 hours surged to nearly $1 billion, with $917.17 million in leveraged positions forcibly closed at the time of writing. During this period, 223,915 traders were liquidated, and the largest single liquidation order happened on Hyperliquid, valued at $31.64 million.
Notably, more than half of the liquidations occurred in the past four hours, wiping out over $620 million since the morning. Around $422 million came from Bitcoin positions, while $160 million came from Ethereum positions.
ETH Price In ‘Endless Range’According to the analyst, there isn’t a clear trend as Ethereum continues to trade within its “seemingly endless range” between $2,600 and $3,350. He suggested that investors should wait for a proper breakout above the upper boundary or a breakdown from the range lows before celebrating or worrying.
He pointed out that ETH “continues to move within well-defined boxes, above and below the same levels for months/years, without ever building a directionality that can be described as structural.”
“We are not in a bullish phase, nor are we in a bearish phase. We are in a macro stalemate, where the market decides not to decide. Until we see a clean and sustained breakout of the indicated boxes …or a net loss of the same …any strong narrative is just storytelling,” he concluded.
As of this writing, Ethereum is trading at $2,798, a 5.3% decline on the weekly timeframe.
