Ethereum Enters Historic Support Zone Amid $818 Million Market Drop, What’s Next?

Ethereum fell to a low of $2,156 early Monday following a five-day drop as the crypto market intensified its sell-off.  

According to Alicharts, the $2100 to $2,250 zone has served as a key support range for Ethereum (ETH) over the past two years.

Momentum indicators, including the daily RSI, are at oversold levels, below 30, indicating the possibility of a relief rally in the coming sessions.

$818 million in market liquidations

A total of $818 million in leveraged positions have been wiped out across the crypto market in the last 24 hours, according to CoinGlass data. Long positions made up the majority of this figure at $598.29 million, while shorts accounted for $227 million.

Ethereum led the sell-off on the market with $307.89 million in positions wiped out as its price fell, followed by $273 million in Bitcoin.

The total futures open interest (OI) has dropped to $110.87 billion, with Ethereum OI falling 2.44% in the last 24 hours to $28.25 billion.

What’s next?

At press time, ETH was down 3.63% in the last 24 hours to $2,299 and down 21% weekly.

The next major resistance levels lie at the daily moving averages, and the daily MA 50 and 200 at $2,996 and $3,666.

An immediate barrier is now at $2,623, which was previously support but now turned into resistance. A climb above the daily moving averages might signal buying strength. As highlighted above, the Ethereum support zone lies in the $2,100 to $2,250 range.

Amid the price drop on the market, Terence, an ETH developer, shared the numbers from the Ethereum network in a tweet.

Over 36 million ETH are now staked on the network, accounting for roughly $80 billion of economic security at current prices.