Ethereum (ETH) Price News: 20% Freefall in Two Days Amid $1B Liquidation Cascade

Ethereum (ETH) has seen a drastic drop of over 20% in just two days, reminiscent of the sharp decline experienced on October 10. The price fell from nearly $4,000 to around $3,000, marking its lowest level since mid-July. This steep plunge triggered approximately $1 billion in liquidations, mainly affecting leveraged ETH derivatives traders who were betting on price increases. Analyst Markus Thielen from 10x Research warns that ETH could potentially decline further, with a target range of $2,700 to $2,800, due to collapsing ETF demand and diminished retail interest. Notably, the largest ETH treasury, BitMine, which had actively been accumulating ETH, appears to have exhausted its purchasing capacity, raising concerns about who will step in as buyers as interest wanes. The overall decline reflects a broader trend in the market, with reduced inflows into ETH ETFs and a significant drop in Google search trends indicating weakened retail demand.

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