Ethereum (ETH) Plummets by 15% in Just Five Minutes

Earlier today, Ethereum, the second-largest cryptocurrency, experienced a sudden and drastic 15% price crash within minutes, plummeting to an intraday low of $2,112. This marked the lowest price level Ethereum has seen since January. Despite its significant market capitalization, Ethereum’s performance has been lackluster compared to the broader cryptocurrency market, even trailing behind meme coins. None of the top 10 meme cryptocurrencies have encountered such a steep price decline.

Data from the CoinGlass cryptocurrency analytics platform reveals that a staggering $217 million worth of Ethereum long positions were liquidated over the past 12 hours, with OKX exchange contributing to 38.5% of these liquidations. Notably, a whale who had taken a long position in Ethereum suffered a $22.3 million loss during the recent market crash.

Cryptocurrency critic Peter Schiff, who had previously expressed skepticism towards Ethereum, recently predicted a price drop below $2,000. Schiff highlighted the 15% decline in Ethereum exchange-traded funds within just two weeks as a precursor to the anticipated crash. Meanwhile, commodity trader Peter Brandt confirmed that his downside target for Ethereum had been met.

In contrast, Bitcoin also experienced a substantial decline, dropping by nearly 9%. However, Bitcoin’s decline was overshadowed by Ethereum’s sharp drop, leading to an increase in Bitcoin’s market dominance to 58%, the highest level since April 2021. Currently, Bitcoin is trading at $52,876 on the Bitstamp exchange.

The cryptocurrency market continues to exhibit volatility and unpredictability, with Ethereum’s sudden crash serving as a stark reminder of the risks associated with digital asset investments. As investors navigate these fluctuations, market dynamics and key players like Ethereum and Bitcoin will remain under close scrutiny for potential future developments.