Ethereum Crumbles Under $2,000 Resistance

Ethereum has dropped by 3.5% over the past 26 hours due to a combination of factors.

The cryptocurrency's attempt to break through the $2,000 resistance level was unsuccessful, leading to a sharp reversal.

Leveraged long liquidations exacerbated the downside move, with around $326.7 million of forced liquidations occurring across crypto, and Ethereum seeing approximately $142.4 million in 24 hours.

The broader market risk-off sentiment and mixed ETF flows also contributed to the pullback, as US spot ETH ETFs recorded net inflows while BlackRock led Ethereum ETF outflows.