Ethereum (ETH) price experienced a significant decline, dropping around 3.5% to $2,492 over the past 24 hours, alongside a general downturn in the crypto market. This bearish trend is primarily driven by massive liquidations, with over $24 million in ETH long positions being liquidated. Ether's performance has lagged behind Bitcoin, especially since the U.S. Federal Reserve cut interest rates on September 18, with Bitcoin gaining approximately 11% compared to Ether's 6%. The ETH/BTC ratio has also fallen significantly, reflecting weaker institutional demand for Ethereum. Additionally, ETH faces strong resistance around the $2,800 level, and analysts warn of an overheated futures market which may lead to a potential short-squeeze event. The 100-day simple moving average is identified as a crucial resistance point, indicating that downward pressure on ETH may persist.

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