Ethereum (ETH) price has dropped over 11.75% in the last 24 hours, currently around $1,900, with its lowest point at $1,755 since October 2023. Contributing factors include US recession fears impacting risk-on markets, massive long liquidations in the crypto market, and troubles with DeFi loans backed by ETH as collateral. The overall crypto market capitalization has also fallen by more than 4.6%, reflecting selloffs in US stocks. Market analysts have raised recession probabilities, and ongoing trade tensions are feared to contribute to inflation, further negatively influencing cryptocurrency prices. Liquidations have put additional pressure on ETH, with over $196 million in long positions liquidated recently, leading to forced sell-offs and accelerating price declines. Technical analysis suggests ETH could decline towards $1,700 following a breakdown of key support levels. The current sentiment hints at a potential continuation of this downtrend unless conditions change significantly.

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