Ethereum risks drop to $2,000 as liquidations hit $75 million

Ethereum faces renewed selling pressure after a failed recovery attempt, increasing the possibility that ETH may test the $2,000 level before finding a durable market bottom. The cryptocurrency traded near $2,390 on October 23, retreating sharply after briefly touching $2,500. Over the past month, Ethereum has declined about 13%, with buyers repeatedly intervening to support the $2,300 region. Recent market turbulence triggered around $75.4 million in total ETH liquidations, according to CoinGlass data cited by Invezz. Notably, $63.7 million stemmed from leveraged long positions, highlighting the vulnerabilities present when traders expect rising prices using borrowed funds. At the start of October, Ethereum traded above $2,700, but momentum soon faded. Repeated rebound attempts failed to sustain higher prices, drawing ETH back toward $2,400.

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