Ethereum dropped 4.3% on the day, sliding from $2,500 to $2,400 after a strong monthly performance. The sudden downturn led to $264.40 million in liquidations, with long positions accounting for $205.28 million, according to CoinGlass. This correction comes after a bullish month for the broader crypto market, buoyed by easing trade tensions — including trade deals between the U.S. and the U.K., and more recently, with China. Amid these developments, Ethereum co-founder Vitalik Buterin introduced a new proposal emphasizing the need to simplify node operations, warning that overreliance on third-party access points could erode decentralization and user privacy.

At the time of writing, ETH was trading at $2,566.

ETH, after taking support at the key level of $1,350, started moving upward and was consolidating in a range between $1,775 and $1,875. The asset eventually gave a breakout above this range and witnessed a massive rally. Prices surged by almost 97% from the recent lows of $1,385 to $2,738. Following this move, ETH experienced some profit booking, causing the price to drop by nearly 15%. The asset currently faces strong resistance at $2,850. If it breaks and closes above this level with good volumes, we can expect prices to rally further to $3,000 and $3,350.

Key Levels:

Support 2Support 1Asset Resistance 1Resistance 2$2,150$2,350ETH$2,850$3,000

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Filed under: Bitcoin - @ May 20, 2025 7:26 am