Ethereum, the second largest cryptocurrency, is experiencing a significant price drop in February, marking it as an exception to its previously successful February months.
Ethereum Market Dynamics
In February, Ethereum has shown a significant price drop, falling 23% for the month. Recent data shows a 12% decline in just the last 24 hours, with the price reaching $2387. Meanwhile, Bitcoin also fell to $87,611.
Data Analysis and Indicators
Analysts have identified a critical support level for Ethereum at $2,300. Additionally, Glassnode data indicates that investors are accumulating ETH as prices decrease. Key support and resistance levels are crucial for understanding future price movements.
Impact on the Crypto Market
Over $1.34 billion was liquidated on derivative markets in the last 24 hours due to declining prices. Experts point out favorable conditions for ETH usage due to a positive regulatory outlook and the forthcoming Ethereum-based ETF. Meanwhile, large investors are significantly increasing their ETH balances.
This February presents a challenge for Ethereum, unprecedented in recent years. Investors and analysts are closely following further price developments.
