In this video: Ethereum: The Final Drop of This Correction? The breakout was a fakeout. Video by More Crypto Online.
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Ethereum (ETH) is trading at approximately $2,227 to $2,239, marking a sharp 7.3% decline over the past 24 hours. The pullback wiped out the post-US midterm election gains that briefly pushed the cryptocurrency above the $2,400 threshold earlier in the week.
This downturn is primarily driven by a broader macroeconomic sell-off in U.S. tech and artificial intelligence (AI) stocks. This equity route triggered an intense derivatives washout, causing over $213 million in ETH liquidations.
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Ethereum Insights Today
• Tech Market Correlation: High sensitivity to traditional tech stock volatility continues to depress short-term prices.
• Institutional Milestone: Amundi, Europe's largest asset manager, launched a tokenized fund share class directly on Ethereum.
• ETF Capital Outflows: Spot Ether ETFs faced persistent pressure, suffering $99.9 million in net outflows in a single day.
• Lending Network Adoption: ARK Invest highlighted that 7% of total ETH supply remains locked in decentralized lending protocols.
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