ETH Experiences 7.56% Drop During Flash Crash, Volume Surges
On June 21, Ether (ETH) experienced a flash crash, dropping 7.56% from $2,406 to $2,224 in the 21:00 hour. This decline triggered significant trading activity, with over 751,000 ETH traded—nearly five times the average hourly volume.
Buyer interest increased around the $2,250 level, leading to a recovery to $2,292. In the following hour, ETH rose 0.19% from $2,287.54 to $2,291.92. A notable price spike occurred at 05:58, where ETH surged 3.15% on a volume of 7,314 ETH, establishing a new support zone near $2,290. The subsequent price action formed an ascending channel with higher lows, indicating enhanced buyer engagement as conditions stabilized.
Technical Analysis Highlights
- ETH dropped 7.56% from $2,406 to $2,224 during the 21:00 hour on June 21.
- Trading volume spiked to over 751,000 ETH, nearly five times the typical hourly average.
- At 05:58, ETH surged 3.15% from $2,283.94 to $2,291.09 on 7,314 ETH volume.
- Price action formed an ascending channel with higher lows after the crash.
- A new support zone formed around $2,290, with resistance testing at $2,297 between 06:17 and 06:20.
- Volume remained elevated during the recovery, indicating improved liquidity.