Ethereum Plummets Below $2,700 : A Turning Point for Ethereum

Ethereum experienced a significant drop after reaching $2.7K, raising concerns in the market. What are the key price levels to watch for this cryptocurrency?

After hitting a peak at $2.7K, Ethereum faced a strong rejection. The crypto dropped to $2,476, a 3.05% decrease in 24 hours. This correction was driven by increased selling pressure in the market.

ethereum price graph analysis

Source: CryptoQuant

The buyer-seller ratio in the spot market significantly dropped, indicating seller dominance. Data shows that 113.1K ETH were sold compared to only 90K bought. This selling momentum intensified among both small holders and whales. Indeed, large investors sold more ETH than they bought, as the whale net flow metric indicates.

Correction Ahead : How Far Can ETH Fall ?

Ethereum is currently near a breakout zone while the bearish momentum remains strong. If selling pressure continues, a deeper correction could be looming, with $2.2K as a key support level.

ethereum buy and sell volume

Source: Coinalyze

To avoid a drop below $2K, it will be crucial for the price to stay above $2.2K. However, a slowdown in selling could allow a return to $2.7K and even $3K.

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