TechFlow news, October 24 — According to Cointelegraph, Ethereum (ETH) price dropped approximately 3.5% in the past 24 hours to $2,492. Over the past three days, ETH has declined by 9%. Multiple data points suggest that ETH may face further downward pressure in the short term.
Data from CoinGlass shows that over $24 million worth of leveraged ETH positions were liquidated in the past 24 hours, with longs accounting for $23.2 million. Total liquidations across the broader crypto market reached $122 million. Since January 1, the ETH/BTC ratio has been steadily declining. On October 23, the ETH/BTC ratio fell to 0.03856, hitting a 42-month low.
ETH price has encountered strong resistance around $2,800. CryptoQuant analysts noted that rising estimated leverage indicates overheating in the futures market, increasing the risk of a potential short squeeze. IntoTheBlock data reveals significant supply pressure in the $2,545–$2,621 range, where approximately 2 million ETH are held by around 3.2 million addresses who bought within this price band.
Analysts believe that given current market conditions, ETH may continue to face downward pressure in the near term. However, market participants should remain alert to the possibility of a short-term rebound, especially near key support levels.
