I really didn’t see this coming from ETH today.
$2,141, down 4.3% over 24 hours; intraday low of $2,060, the lowest in two months. Bitcoin is only down 1.3%—Ethereum has fallen more than three times as much.
There are real reasons for today’s drop. Democrats winning both chambers in the November 3 midterms raised expectations of tighter regulation, sending the market lower; the CLARITY Act has been stalled in the Senate since September. On top of that, there’s the fallout from Binance’s $6.3 billion hack. ETFs saw $365 million in outflows over the past week, led by BlackRock. On-chain data shows a net 29,800 ETH flowing into exchanges over seven days, with sell orders lining up. A 56,000 ETH position on Hyperliquid was liquidated outright. Its owner has now lost $44.8 million over their lifetime, and $856 million in positions were liquidated across the market in 24 hours.
On the upside, watch $2,246, today’s high; getting back above it would signal a recovery. On the downside, watch the $2,060–$2,100 range. If it fails to hold, the next level is the psychological $2,000 mark. ETH is still 57% below its all-time high of $4,946. U.S. October CPI comes out tomorrow—the next wild card.
$ETH $BTC $XRP
$2,141, down 4.3% over 24 hours; intraday low of $2,060, the lowest in two months. Bitcoin is only down 1.3%—Ethereum has fallen more than three times as much.
There are real reasons for today’s drop. Democrats winning both chambers in the November 3 midterms raised expectations of tighter regulation, sending the market lower; the CLARITY Act has been stalled in the Senate since September. On top of that, there’s the fallout from Binance’s $6.3 billion hack. ETFs saw $365 million in outflows over the past week, led by BlackRock. On-chain data shows a net 29,800 ETH flowing into exchanges over seven days, with sell orders lining up. A 56,000 ETH position on Hyperliquid was liquidated outright. Its owner has now lost $44.8 million over their lifetime, and $856 million in positions were liquidated across the market in 24 hours.
On the upside, watch $2,246, today’s high; getting back above it would signal a recovery. On the downside, watch the $2,060–$2,100 range. If it fails to hold, the next level is the psychological $2,000 mark. ETH is still 57% below its all-time high of $4,946. U.S. October CPI comes out tomorrow—the next wild card.
$ETH $BTC $XRP
