Will Ethereum Price Hold the Line at $2,400 or Sink Deeper?

The crypto market has hit rough waters, triggering widespread sell-offs and massive liquidations. According to CoinGlass, the business saw $458.61 million liquidated in the past 24 hours alone. Ethereum was the hardest hit, accounting for $170.78 million in liquidations, out of which $157.03 million from long positions and $13.75 million from shorts. This highlights growing uncertainty and volatility, leaving traders on the cliff and ETH’s short-term price unclear. However, this ETH price analysis is derived to clear all the mist.

Exchange Inflows Spike: 

On-chain data from Santiment paints a bearish picture. ETH is flowing into centralized exchanges at an unusually high rate, far outpacing outflows. This surge typically signals that holders are preparing to sell, which aligns with the liquidation wave that just hit Ethereum. The magnitude of these inflows implies panic selling or aggressive profit-taking.

It is to take note that such behavioral shifts often come before further downward pressure unless reversed by strong buying interest. Until exchange inflows taper off, Ethereum’s price is likely to remain under intense selling pressure. This metric suggests a short-term bearish sentiment dominating the market, demanding caution from ETH bulls.

Ethereum (ETH) Price Analysis:

At the time of press, Ethereum is changing hands at $2,444.01, down 4.15% over the past 24 hours. However, the sharp 44.75% increase in trading volume to $20.99 billion indicates significant activity, likely driven by liquidation-triggered volatility.

From a technical standpoint, ETH’s RSI is at 40.29, hovering just above the oversold territory, which may suggest a short-term bounce. Supporting this, the 4-hour chart shows ETH rebounded off the lower Bollinger Band at $2,371, forming a bullish hammer-like candle, which signals buyer support at lower levels.

However, still, ETH remains under the 20-period SMA, reflecting bearish momentum. For a recovery, bulls must reclaim the $2,495 resistance. If this level fails to hold, ETH could again test the $2,400 support zone. 

Read our Ethereum (ETH) Price Prediction 2025, 2026-2030 for long-term targets!

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