Ethereum Price Update
Ethereum, the native cryptocurrency of the Ethereum blockchain, saw a drop of about 6.7% over the last 24 hours after a significant market crash on Friday. This decline happened despite many altcoins plummeting by over 95% in some cases.
The downturn was triggered by US President Trump’s announcement about tariffs, which brought Ethereum’s value down to roughly $3,510, marking a more than 20% loss in just one day.
After breaking through its dynamic support level—the 200-day exponential moving average—Ethereum’s price bounced back above $3,800. Interestingly, the Relative Strength Index (RSI) is nearing oversold territory at 35, hinting at a potential price reversal.
According to Coinglass, around 1.6 million crypto traders faced liquidation due to the sudden drop. Following this turmoil, crypto investor Sassar remarked, “BTC and ETH have held up better than many alternatives, especially with some stocks experiencing drops over 70% and others crashing more than 95%. I usually don’t buy into conspiracy theories, but this definitely seems a bit off.”
This crash was unprecedented, representing the largest liquidation event in cryptocurrency history, eliminating up to $20 billion in just 24 hours and shaking investor confidence amid concerns about a prolonged trade war between the U.S. and China.
So, I guess the big question is: will ETH hit $5,500 next, or will selling pressure drag it down?
Currently, Ethereum is down over 22% from its all-time high of $4,957 reached in August, based on TradingView data.
Some analysts at Fundstrat are optimistic, predicting that ETH might climb to a record high of $5,550 after stabilizing from Friday’s market turmoil.
However, there are signs of potential selling pressure on the horizon. Data from CryptoQuant indicated that the average inflow of Ethereum to exchanges reached 79 on Saturday, the highest level seen since 2025. Higher exchange inflows can suggest an uptick in selling activities, while lower levels usually mean investors are looking to hold onto their assets for the long term, which could support price increases.
Moreover, Ethereum’s staking queue saw record withdrawals totaling $10 billion in October. This might point to validators leaving the queue, hinting at possible selling pressure, yet it doesn’t automatically imply a sell-off, as noted by analysts at Nansen.
Meanwhile, there’s buzz surrounding Alibaba’s founder promoting Ethereum, along with a noteworthy 91% of the Korean market being categorized as whales.
