Ethereum News: Prices Plummet Below $1,800 Following Testnet Attack

Ethereum Prices Fall Below $1,800 Amid Testnet Attack

The crypto market capitalization has tanked to its lowest point since early November, with $240 billion wiped out in the past day. This has resulted in a 6% fall to $2.6 trillion, erasing all post-US election gains. Ethereum has taken the brunt of the fall, losing 16% over 12 hours, falling from around $2,140 to just below $1,800. At the time of writing, ETH was trading at $1,860. The last time Ethereum traded below $1,800 was in October 2023. Analysts have warned about the formation of a double-top chart pattern, which could push the asset back to bear market lows if current support levels are not held.

Ethereum Faces Bearish Pressure, Key Support at $2,000

Ethereum is under bearish pressure with liquidations and ETF outflows surging. The cryptocurrency needs to hold the $2,000 support level to avoid dropping to $1,850. A break above $2,250 is necessary to regain bullish momentum. At press time, Ethereum was trading at $2,139.60, down 1.59% over the past 24 hours. Despite the drop, market activity remains robust with a market cap of $258.04 billion and a 136% increase in trading volume. ETH has recovered from earlier lows, hinting at a potential momentum shift, but it has erased all gains since the November 2024 U.S. Presidential election. Analysts caution that ETH is breaking down from a parallel channel.

Ethereum (ETH) Holders Battle Liquidations as Price Drops Below $2,000

Ethereum (ETH) holders are struggling with liquidations as the price falls below $2,000. Several whales are facing on-chain liquidations, prompting them to move coins to cover their positions on decentralized protocols. As ETH dipped as low as $1,791.23, several liquidation tiers were triggered on decentralized protocols. One whale faced liquidation for a total debt of $2.27M DAI, with the liquidated collateral valued at $1.23M.

Ethereum Price Analysis: ETH Revisits Multi-Year Lows, is $1,500 Next?

Ethereum’s price has been in a downtrend since reaching a high above $3,600, forming lower highs and lows. The price is on the verge of falling below the $2,000 support, which could lead to more capitulations. Technical analysis suggests the RSI is in oversold territory, hinting at a potential short-term relief bounce. However, if ETH fails to hold above $2,000, the next support lies at $1,600.