Why did Ethereum Crash -30% today???
Institutional Crypto Research Written by Experts
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👇1-11) This morning, we published a report (here) predicting that Ethereum could drop to its next support level at $2,400, effectively fully retracing the rally since the Trump election. This move has now materialized, likely clearing out excess positioning, and the market now finds itself at a key technical support level around $2,400.
👇2-11) While we didn’t include the chart, on January 29, we highlighted: "Overlaying Ethereum prices with futures open interest suggests that, rather than the current $15 billion in open interest, traders should ideally be long only $10 billion, indicating potential unwinding ahead." (See the full report here.)