ETH Plummets Below $2,700 as Traders Lock in Profits

Ethereum fell below $2,700 on Thursday after traders took profits following the market's recent advance. The pullback came as Ethereum encountered resistance around $2,786.

The decline triggered approximately $111.70 million in derivatives liquidations over 24 hours, with long positions accounting for $97.6 million of the total.

Ethereum's daily chart retains a bullish bias due to its price remaining above several important exponential moving averages. However, Ethereum's open interest has remained relatively stable since late August and has not increased as quickly as the price.