After showing resilience, Ethereum dropped below the $2,000 level for the first time since March 10th. The decline came amid rising geopolitical tensions in the Middle East and increasing inflation concerns.
The price fell to a two-week low, triggering over $110 million in long liquidations. Bitcoin also dropped to around $65,500 on Friday. Ethereum’s price now sits around $1,980, down nearly 3% in 24 hours.
Spot Ethereum ETFs experienced $158 million in net outflows over the past week, signaling waning investor demand. A sustained close below $2,000 could push the price toward $1,750-$1,850 support.
The Ethereum price is closely watched for signs of recovery, especially as traders await broader market stabilization.
Featured image from iStock, chart from TradingView