Crypto Meltdown: Is Your Portfolio Next?
The altcoin industry, led by Ethereum
ETH
$2 708
24h volatility:
1.2%
Market cap:
$326.26 B
Vol. 24h:
$23.38 B
, has been doing its best impression of a sinking ship lately 🛥️. As Bitcoin
$95 318
24h volatility:
1.6%
Market cap:
$1.89 T
Vol. 24h:
$27.33 B
price took a nosedive below $96k earlier this Monday, the TOTAL 2 market cap basically threw a tantrum and started waving a big ol’ “SELL” sign 🚩.
As a result, the total crypto market cap dropped about 2.5 percent in the past 24 hours, bringing the total to hover around $3.3 trillion. The whole situation is just a big ol’ circle jerk of fear and uncertainty, fueled by the US’s trade wars (because, you know, that’s always a good time 😒).
Ethereum Price Faces Potential Selloff
From a technical analysis standpoint, Ether’s price has been forming a bearish flag in the daily time frame. Imagine a grumpy old man waving a red flag 🚩; that’s Ether right now. In the daily time frame, Ether’s price has consistently closed below the previous support level of around $3,035, basically saying “See ya later” 👋 to any hopes of a quick rebound.
Moreover, the ETH price hit a major resistance level of about $4k, which sent it spiraling downwards. According to crypto analyst alias Altcoin Sherpa, Ether’s price is aiming for a support level of around $2,529. If Ether buyers can’t hold onto that support level, well, buckle up buttercup because a further drop towards $2,258 is almost guaranteed 🤪.
$ETH im not going to get trapped on this one
— Altcoin Sherpa (@AltcoinSherpa) February 17, 2025
Ether Whales Shows Mixed Reactions
The demand for Ether by whale investors has been all over the place lately 🤪. Since the beginning of February 2025, the supply of Ether on centralized exchanges (CEXes) has declined from 16.19 million to about
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2025-02-17 22:33