The native cryptocurrency ETH of the Ethereum Layer 1 blockchain network has dropped about 6.7% in the past 24 hours, but it has shown stronger price resilience after the market crash on Friday, in contrast to many altcoins that plummeted by over 95% during this period.
The market crash triggered by U.S. President Trump's announcement regarding tariffs caused the price of ETH to fall to a low of about $3,510 on Friday, with a daily decline of over 20%.
After the price touched the dynamic support level of the 200-day Exponential Moving Average (EMA), it rebounded to above $3,800. The Relative Strength Index (RSI) is also at 35, close to the oversold territory, indicating a potential upward reversal trend.
According to Coinglass data, this sudden market downturn led to nearly 1.6 million cryptocurrency traders being liquidated. After the market turmoil, crypto investor Sassal pointed out:
Friday's market crash constituted the most severe cryptocurrency liquidation event in history, with up to $20 billion evaporating within 24 hours, as concerns over the escalating U.S.-China trade war loomed over traders, severely impacting investor confidence in the market.
According to TradingView data, ETH is currently down over 22% from its all-time high of $4,957 set in August.
Analysts at investment research firm Fundstrat predict that ETH may rebound to a new all-time high of $5,550 after hitting a low on Friday.
However, potential selling pressure may continue to suppress prices. According to CryptoQuant data, the average inflow of Ethereum to exchanges (which tracks the number of tokens sent to exchanges that may be sold) reached 79 on Saturday, marking the highest level since 2025.
Higher exchange inflow levels often indicate increased selling pressure, while decreased exchange inflows suggest that investors are holding long-term, laying the groundwork for price increases.
The amount withdrawn from the Ethereum staking exit queue also surpassed $10 billion in October, which may imply potential selling pressure from validators exiting the queue. However, analysts from the market intelligence platform Nansen told Cointelegraph that this does not necessarily mean they will choose to sell.
Related: Texas Cryptocurrency Reserve Bill Sponsor: Ethereum (ETH) Could Become the Next Reserve Asset
Original: “Ethereum (ETH) Drops 6.7% After Crypto 'Black Friday', Shows Stronger Resilience Than Altcoins”
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