Ethereum Price Drops 5% Amid Broader Crypto Market Decline
Ethereum's price has dropped 5% in the last 24 hours, falling below $2,500 after reaching $2,700 last week. This decline aligns with a broader downturn in the crypto market.
Key Points on Ethereum's Price Movement
- Analyst Crypto Patel suggests a potential pullback towards the $1,930–$2,100 range, with critical support at approximately $1,810.
- Institutional accumulation remains strong, with Abraxas Capital purchasing over $650M in ETH recently.
- Whales have added over 450,000 ETH to their holdings in the past month.
- The ETH/BTC ratio has increased by 38% from its five-year low, indicating a recovery against Bitcoin.
- Spot Ethereum ETFs accumulated $22 million worth of ETH, reflecting renewed market confidence.
- Starknet, an Ethereum Layer 2 solution, achieved Stage 1 decentralization this week.