Ether’s price fell over 5% to $2,380 on May 19, mirroring a broader downturn in the cryptocurrency market, which saw total capitalization drop by 1.40% to $3.25 trillion. A Moody’s credit rating downgrade for the US, the first since 1919, has heightened economic uncertainty, prompting investor pullback from speculative assets like crypto. This environment was compounded by over $255 million worth of ETH long positions being liquidated, as failing leveraged positions forced automatic sell-offs, combining to exacerbate the price drop. Following the decline, ETH is now focusing on critical support levels around $2,330 to $2,274. If it loses support below $2,400, further retracement toward $2,250 may occur. Despite these challenges, some analysts are viewing the price dip as a potential buying opportunity, suggesting that prices below $2,400 could lead to a rally towards new highs.

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