Ethereum is trading near $2,700, marking over 10% decline in the past 24 hours. Earlier this week, ETH briefly touched $2,845 before sliding back to $2,650.
The breakdown below the critical $2,800 support has shifted sentiment toward caution, with traders now focusing on whether the asset can avoid a deeper retest of the $2,500 demand zone.
According to Coinglass liquidation data, over $950 million in leveraged positions were wiped out this week, accelerating the decline across major altcoins.
Analysts note that ETH must regain $2,800 to prevent extended downward pressure, as previous cycles show price often drifts toward lower Fibonacci zones when major support levels are broken.
Unless ETH closes decisively above $2,830-$2,900, momentum may remain weak in the near term.