Ethereum Sinks Below $2,000 As Crypto Market Cap Slides By $170B – Retail Anticipates Bigger Dip

Data from Coinglass shows that $288.35 million in crypto positions were wiped out in just four hours, with nearly $250 million coming from leveraged long bets.

Ethereum (ETH) took a sharp hit during U.S. trading hours, plunging more than 4.5% as the broader crypto market tumbled alongside equities and retail sentiment soured.

The second-largest cryptocurrency dipped below the key psychological level of $2,000, marking its lowest point since November 2023, according to CoinGecko. 

The overall cryptocurrency market dipped to $2.6 trillion, shedding $170 billion in the last 24 hours.

The early morning sell-off intensified, with the S&P 500 falling 2.3% and the Nasdaq sliding more than 4% after the opening bell.

U.S. stocks are on pace for their weakest first 50 days of a presidency since 2009, when Barack Obama took office amid the global financial crisis, according to Dow Jones Market Data cited by MarketWatch.

Meanwhile, Bitcoin (BTC) slipped below $79,000, reaching a four-month low, while altcoins such as Solana (SOL) and Ripple’s XRP (XRP) slumped more than 7% in the past 24 hours.

Market turbulence also triggered widespread liquidations. Data from Coinglass shows that $288.35 million in crypto positions were wiped out in just four hours, with nearly $250 million coming from leveraged long bets. 

Retail sentiment on Stocktwits around Ethereum’s token flipped to ‘bearish’ from ‘bullish’ a day ago, amid ‘high’ levels of chatter. 

One user forecast that Ethereum’s price is headed toward $1,000.

Another user pointed to chart patterns, forecasting a slide to $1,700 before any meaningful support emerges.

Ethereum has lost more than half its value over the past year and is trading 51% below its 52-week high of over $4,100, seen in December 2024. 

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