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    Why is Ethereum (ETH) price down today?

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    30s Summary

    Ether (ETH) has dropped about 3.5% to $2,492, following a trend in the crypto market which saw a decrease of about 0.8%. This is mainly due to liquidations across the crypto market, and specifically $24 million in ETH. Compared to Bitcoin, Ether hasn’t performed as well since the beginning of the year. Although the approval of Ethereum exchange-traded funds in the US temporarily boosted ETH’s value, the trend shows a preference for Bitcoin. Market intelligence shows strong resistance to Ether recovery between $2,545 and $2,621, suggesting an ongoing decline in its price.

    Full Article

    Hey folks, Ether (ETH) has taken quite a hit in the last day, dropping about 3.5% down to $2,492. This follows the trend in the overall crypto market, which also saw a decrease of around 0.8% totaling to $2.29 trillion.

    So, what’s going on with Ether? A big reason for the downturn was a whole bunch of liquidations — that’s fancy talk for the automatic selling of a position due to not meeting maintenance margin requirements — across the whole crypto market. More specifically, we saw over $24 million in ETH getting liquidated, with $23.2 million of them being long positions (a bet that the price will rise in future). The total for the whole crypto market came to $122 million.

    Another important factor is that Ether hasn’t been doing as well as Bitcoin (BTC) since the start of the year, and it’s gotten worse since the United States Federal Reserve cut interest rates by 50 basis points on Sept. 18. Bitcoin has risen about 11% since then, while Ether only raked in a 6% gain.

    The approval of spot Ethereum exchange-traded funds (ETFs) in the US gave the ETH/BTC ratio a temporary boost, but it dropped 31.5% by Oct. 23 reaching a low not seen since April 19, 2021. This downward trend shows most prefer Bitcoin to Ether.

    The rise in Ether’s price hit a wall around the $2,800 mark. Adding to that, market intelligence firm CryptoQuant posts that “Ethereum faces short-squeeze risk” (when the price of an asset jumps higher unexpectedly) due to increasing leverage and resistance from the $2,700 level.

    Data from IntoTheBlock shows a huge resistance to Ether’s recovery path between $2,545 and $2,621. Plus, analysis shows that more folks are betting on future price declines for Ethereum. This means it’s likely Ethereum’s price will continue to drop, so keep an eye out!

    This isn’t advice or recommendations, just some useful info. Always remember to do your own research before making any decisions with your money!

    Source: Cointelegraph

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