Ethereum price today fell sharply beneath the crucial $2,200 support level , rattling traders as leveraged positions were crushed. The broader crypto market’s weakness, including Bitcoin pressure, added to the sell‑off, highlighting the fragility of sentiment around the second‑largest digital asset. $180 Million in Liquidations Shake ETH Traders Over the past 24 hours, more than $180 million in Ethereum positions were liquidated, with long leveraged trades making up most of the losses. When ETH breaks key supports, forced liquidations can create cascading selling, pushing price action even lower and amplifying volatility. Liquidations occur when traders using borrowed funds fail to maintain margin requirements, triggering automatic position closures by exchanges. This mechanism can intensify rapid downward moves like the recent slide under $2,200. Analyst Sees Potential Drop Below $2,000 Bloomberg analyst Mike McGlone warned that Ethereum could move below $2,000 if current market conditions persist, highlighting risks from macroeconomic uncertainty and elevated funding rates. His analysis suggests that while short-term traders face pressure, long-term holders may remain more stable. On-chain data shows limited movement from long-term wallets, indicating the sell-off is largely driven by leveraged positions and short-term traders. Critical support levels now sit near $2,000 and $1,950. In a related bearish outlook reported recently, analysts noted that if ETH loses major support zones, further declines below $2,000 could unfold, with prices possibly dipping into deeper demand areas that have historically been tested during sharp corrections. What Traders Are Watching Now Critical support clusters now sit around $2,000 and down to $1,800, levels that analysts have flagged as possible next price floors if selling pressure continues. Traders are closely watching whether bulls can defend these zones or if further liquidation events will unfold. Despite the current weakness, some market participants remain attentive for oversold bounces or technical relief rallies, typical in highly volatile crypto conditions.
