Ethereum (ETH) Price: Sharp Drop Below $2,200 Triggers Massive Liquidations

TLDR

• Ethereum dropped 10.22% to $2,195.61, marking its largest single-day percentage loss since October 10, 2025
• Over $180 million in leveraged Ethereum positions were liquidated in 24 hours, with long trades making up most losses
• Bloomberg analyst Mike McGlone warned ETH could fall below $2,000 if current market conditions continue
• Ethereum is down 22.2% over the past seven days and trading 55.70% below its August 2025 all-time high of $4,955.90
• Key support levels are now at $2,000 and $1,950, with traders monitoring whether bulls can defend these zones

Ethereum traded at $2,195.61 on Monday evening, declining 10.22% in a single day. The drop marked the largest one-day percentage loss for the cryptocurrency since October 10, 2025.

The decline pushed Ethereum’s market cap down to $268.80 billion. This represents 10.51% of the total cryptocurrency market cap. At its peak, Ethereum’s market cap reached $583.89 billion.

Trading volume for Ethereum hit $42.72 billion in the 24-hour period. This accounted for 29.47% of all cryptocurrency trading volume during that time.

Over the past week, Ethereum lost 22.2% of its value. The cryptocurrency traded in a range between $2,195.61 and $2,322.01 during the previous 24 hours.

Ethereum remains 55.70% below its all-time high of $4,955.90, which was set on August 24, 2025. The current price represents a substantial decline from that peak.

Liquidations Hit Leveraged Traders Hard

More than $180 million in Ethereum positions were liquidated over the past 24 hours. Long leveraged trades made up the majority of these losses.

Liquidations happen when traders using borrowed funds cannot maintain margin requirements. Exchanges automatically close these positions. This process can create cascading selling that pushes prices lower.

When ETH breaks through key support levels, forced liquidations often amplify volatility. The recent slide under $2,200 demonstrated this effect.

On-chain data shows limited movement from long-term wallets. This indicates the sell-off was driven mainly by leveraged positions and short-term traders.

Analysts Eye Further Downside Risk

Bloomberg analyst Mike McGlone warned that Ethereum could move below $2,000 if current conditions persist. He pointed to macroeconomic uncertainty and elevated funding rates as risk factors.

His analysis suggests long-term holders may remain more stable despite pressure on short-term traders. Critical support levels now sit near $2,000 and $1,950.

Analysts have flagged support zones around $2,000 and down to $1,800 as possible price floors. These levels have historically been tested during sharp corrections.

Traders are watching whether bulls can defend these zones. Further liquidation events could unfold if selling pressure continues.

Some market participants are monitoring for oversold bounces or technical relief rallies. These patterns are typical in highly volatile crypto conditions.

The broader crypto market weakness, including pressure on Bitcoin, contributed to the sell-off. This highlighted fragility in sentiment around the second-largest digital asset.

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