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Ethereum Slumps 50% Amid Hack Fallout, Tariff Woes, and Market Turmoil
Recent analysis from the Kobeissi Letter reveals that Ethereum (ETH) has shed nearly 50% of its value since the 2024 bull run that followed President Trump’s election victory. This steep decline comes as the broader crypto market, which recently hit a three-month high of $3.895 trillion, has fallen by 30% according to Coingecko data. On Friday, ETH was trading at approximately $2,102—a drop of over 10.5% in 24 hours and 22.8% over the past week, levels not seen since December 2023.
Forced Liquidations and Technical Signals
Data from Coinglass indicates that about $211 million in Ethereum liquidations occurred in the last 24 hours, with long positions comprising nearly $181 million of the total. This wave of forced sell-offs has intensified the downward pressure on ETH. Technical analysis shows that Ethereum is hovering near the crucial $2,000 support level. A breach of this threshold could pave the way for further declines towards $1,800. Conversely, a break above $2,500 might trigger a rally, with potential targets around $2,870 and even $3,400, though current trends point to sustained weakness.
Broader Market Concerns
The entire cryptocurrency market is in turmoil, driven partly by a significant hack that caused Bybit to lose approximately $1.4 billion in ETH. Moreover, uncertainty has been fueled by new tariff measures imposed by President Trump on Canada and Mexico, which have rattled investor confidence. Bitcoin has dipped below $80,000, and altcoins like Solana have experienced severe declines, indicating that overall sentiment remains bearish.
#Ethereum #crypto #MarketTurmoil #blockchain
Follow #Cryptoknowmics for latest crypto news and updates:
Forced Liquidations and Technical Signals
Data from Coinglass indicates that about $211 million in Ethereum liquidations occurred in the last 24 hours, with long positions comprising nearly $181 million of the total. This wave of forced sell-offs has intensified the downward pressure on ETH. Technical analysis shows that Ethereum is hovering near the crucial $2,000 support level. A breach of this threshold could pave the way for further declines towards $1,800. Conversely, a break above $2,500 might trigger a rally, with potential targets around $2,870 and even $3,400, though current trends point to sustained weakness.
Broader Market Concerns
The entire cryptocurrency market is in turmoil, driven partly by a significant hack that caused Bybit to lose approximately $1.4 billion in ETH. Moreover, uncertainty has been fueled by new tariff measures imposed by President Trump on Canada and Mexico, which have rattled investor confidence. Bitcoin has dipped below $80,000, and altcoins like Solana have experienced severe declines, indicating that overall sentiment remains bearish.
#Ethereum #crypto #MarketTurmoil #blockchain
Follow #Cryptoknowmics for latest crypto news and updates:
🚨 BREAKING: Bitcoin Plummets Below $100K Amid Fears of "Imminent" Iranian Attack on the U.S. 🇺🇸🇮🇷
Markets in panic as geopolitical tensions escalate! 📉💥 Investors are rushing to safe havens as uncertainty looms. #CryptoCrash #Bitcoin #GeopoliticalRisk #MarketTurmoil #SafeHaven
$BTC
Markets in panic as geopolitical tensions escalate! 📉💥 Investors are rushing to safe havens as uncertainty looms. #CryptoCrash #Bitcoin #GeopoliticalRisk #MarketTurmoil #SafeHaven
$BTC
🚨 FINAL COUNTDOWN: Trump Tariffs Hit in 24 Hours! 🚨
Markets are bracing for impact as #TrumpTariffs go live tomorrow—expect fireworks across stocks, commodities, and even crypto.
🔥 Import/Export-heavy firms? Pressure incoming.
💰 Inflation fears? Back on the radar.
⚡ Traders? Sharpening their knives for volatility plays.
Will this be a buying opportunity or a red alert? One thing’s clear: Buckle up volatility is back with a vengeance.
#MarketTurmoil #CryptoVolatility
#TrumpTariffs
Markets are bracing for impact as #TrumpTariffs go live tomorrow—expect fireworks across stocks, commodities, and even crypto.
🔥 Import/Export-heavy firms? Pressure incoming.
💰 Inflation fears? Back on the radar.
⚡ Traders? Sharpening their knives for volatility plays.
Will this be a buying opportunity or a red alert? One thing’s clear: Buckle up volatility is back with a vengeance.
#MarketTurmoil #CryptoVolatility
#TrumpTariffs
⚠️ $XRP Faces Unprecedented Market Turmoil 🔻
#XRP is under intense pressure, dropping over 11% and sparking serious concern among traders and holders alike. 🔥
This isn’t just a dip… it’s a full-blown shakeout.
Whether it’s fear over regulatory drama, whale sell-offs, or weak market structure, XRP is struggling to hold key levels.
📉 What’s happening?
• Massive sell-off in a short span
• Bearish momentum building
• Market confidence shaken
The move below the 7-day MA signals that bulls have lost short-term control, and profit-taking is kicking in hard. If price doesn’t reclaim the $3.30–$3.38 zone soon, we may see a deeper pullback toward the 25-day MA at $2.78.
🧠 This is where smart traders either wait or scalp — chasing now is risky.
#XRP #CryptoCrash #MarketTurmoil
#XRP is under intense pressure, dropping over 11% and sparking serious concern among traders and holders alike. 🔥
This isn’t just a dip… it’s a full-blown shakeout.
Whether it’s fear over regulatory drama, whale sell-offs, or weak market structure, XRP is struggling to hold key levels.
📉 What’s happening?
• Massive sell-off in a short span
• Bearish momentum building
• Market confidence shaken
The move below the 7-day MA signals that bulls have lost short-term control, and profit-taking is kicking in hard. If price doesn’t reclaim the $3.30–$3.38 zone soon, we may see a deeper pullback toward the 25-day MA at $2.78.
🧠 This is where smart traders either wait or scalp — chasing now is risky.
#XRP #CryptoCrash #MarketTurmoil
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