Ether Drops Sharply to $2,662 Amid Rising Liquidations

Ether's price took a significant hit on September 23, plummeting by 2.11% in just four hours to $2,662 as of 1:41 p.m. ET (17:41 UTC). This decline marks an extension of the sharp move lower in Ether's market value.

The drop from $2,720 to $2,662 over this brief period highlights the volatility of the cryptocurrency market, particularly for the second-largest asset by market capitalization.

During the same hour, liquidations totaled $570,000 for long positions and $380,000 for short positions across Binance, Bybit, and OKX. Long liquidations occur when leveraged bets on higher prices are forcibly closed, while short liquidations affect bets on declines.