The digital asset ecosystem is facing one of its most turbulent days in the current cycle, placing the ethereum price today near the critical mark of $2,400. This correction, driven by a combination of panic selling and low liquidity, has generated a percentage drop greater than that of Bitcoin, recording declines of up to 10% over the past 24 hours.
The magnitude of the technical adjustment is explained by the execution of aggressive liquidations, which have wiped out more than 2.5 billion dollars in leveraged positions. Since a large portion of traders held bullish bets, the breach of key support levels triggered a chain reaction of margin calls, especially affecting Ether holders who were seeking market stability.
Furthermore, large institutional investors and so-called “whales” have begun to reduce their exposure, significantly contributing to the selling pressure on exchanges. This shift in the sentiment of large capital holders, combined with a trading volume exceeding 50 billion dollars, reflects a necessary deleveraging scenario before any attempt at a solid and sustainable recovery.
Is a descent toward the $2,100 support level imminent?
From a technical perspective, the asset is trapped in a descending channel that has defined its trajectory since late last year. The inability to overcome the resistance at $3,200 confirmed the persistence of the bearish phase, leaving lower support levels exposed to further testing. If the ethereum price today fails to consolidate above $2,400, the next technical target is located in the $2,100 range.
However, the relative strength index (RSI) shows that the asset is deeply oversold, which could attract buyers looking for corrective bounces. Therefore, a successful stabilization would require the token to reclaim the $2,800 level, marking a change in market structure that stops the current financial bleeding and allows for the projection of new local highs.
Despite the severity of current losses, many analysts consider this leverage “reset” essential for sanitizing the ecosystem. Thus, investor attention remains fixed on the behavior of ETF flows, which will set the tone for institutional demand over the coming weeks in a high-volatility environment for the leading cryptocurrency by utility.
