Ethereum Holds Strong at $2,173 Today (5/3/25) – Is a Major Price Move Coming Next?
Jakarta, Pintu News – Ethereum is currently testing the psychological level of $2,000, while Bitcoin is at $87,000. As bulls lost control of the trend, the crypto market experienced a major correction of nearly 13% in the last 36 hours.
In this downturn, liquidations in the crypto market surged to $1 billion in the last 24 hours. Ethereum alone has recorded $2.60 million in liquidation of long positions, with total ETH liquidation reaching $2.84 million.
Ethereum Price Up 4.60% in 24 Hours
On March 5, 2025, Ethereum (ETH) traded at approximately $2,173 (35,872,769 IDR), marking a 4.60% increase in the past 24 hours. During this period, ETH hit a low of 33,422,252 IDR before surging toward its daily high of 36,602,277 IDR.
At the time of writing, data from CoinMarketCap shows that Ethereum’s market capitalization stands at around $262.41 billion, with daily trading volume falling 17% to $28.51 billion within the last 24 hours.
Read also: Bitcoin Holds Steady at $87,400 Today (5/3/25) – Is a Big Move Coming for BTC?
What happened to the Ethereum price today?
Ethereum Under Pressure! ETH Price Approaches $2,000 as Bearish Trend Strengthens
On the daily chart on Wednesday, Ethereum (ETH) showed a breakout of the falling channel pattern, confirming an increasingly strong bearish trend. The bearish engulfing candle that formed yesterday, with a 14.73% correction, erased the significant 14% recovery that occurred on Sunday.
The selling pressure continues with an intraday decline of 3.19%, bringing the current ETH price to $2,078. Moreover, the 24-hour low of $2,002 shows a slight resistance to lower prices.
However, the break of the local support trend line of the falling channel pattern is a warning signal of a potential continuation of the bearish trend. This correction comes after ETH failed to break the key pivot level of $2,548, which is an important resistance point.
Crypto analyst Ali Martinez highlighted that ETH is facing major resistance around $2,400, where 2.41 million investors currently hold 62.68 million ETH. Price rejection from this level triggered a large supply flow, which is now testing the support level at $2,000.
Ethereum ETF Records $369 Million Outflows in 8 Consecutive Days
Amid yesterday’s Ethereum price drop, institutional support for the largest altcoin has weakened further. As of March 3, 2025, the total net outflow from the Ethereum spot ETF in the US stood at $12.10 million.
Read also: Soccer Icon Ronaldinho Unveils STAR10 Crypto Token – Golden Opportunity or Another Controversy?
In this move, BlackRock offloaded $16.06 million worth of ETH to the market, while Bitwise recorded inflows of $3.96 million.
For eight consecutive days, the Ethereum ETF has recorded cumulative outflows of $369.45 million, adding pressure to the ETH price.
ETH Price Target: How Deep is Ethereum’s Correction?
With institutional support continuing to weaken, the falling channel pattern warns of a potential continued bearish trend for Ethereum. Based on Fibonacci levels, the price drop is expected to reach the 1,272 Fibonacci level at $1,740.
However, crypto analyst Ali Martinez predicts a deeper correction. According to his analysis, Ethereum has broken out of the parallel channel, which could potentially take the ETH price towards $1,250 before finding a stronger support point.
On the other hand, there is a chance for Ethereum to bounce back. The price rejection that occurred on the intraday candle could push ETH back into a falling channel pattern, allowing a consolidation phase around the local boundary line before attempting to retest the pivot level near $2,500.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- Coinspeaker. Ethereum (ETH) Battles $2,000 Support: Is Drop to $1,740 Next? Accessed on March 5, 2025
