Ethereum (ETH) drops below $2,100 for the first time in 15 months
Ethereum has plummeted below $2,100, its lowest level since December 2023, as Trump tariff concerns scare markets. According to crypto, the crypto has dropped 15% in the last 24 hours, trading at $2,063.Price information from the news. The decrease comes after a brief spike following Donald Trump’s March 2 announcement of a US Crypto Strategic Reserve, which drove ETH beyond $2,500.
However, Trump’s announcement that further tariffs on China, Canada, and Mexico will go into effect on March 4 has shifted market sentiment, creating concerns about broader economic volatility.
Ethereum’s price (eth-11.3%) fell below its pre-pump level of around $2190 following the announcement. Both decentralized financial activities and the Ethereum futures market point to Ethereum’s diminishing momentum. Coinglass data shows that open interest in ETH futures has declined by 10% in the last day.
DeFi TVL, on the other hand, has dropped to its lowest level this year, falling from $71 billion in January to $48.1 billion as of March 4. Since March 1, stablecoin outflows have been $109 million, showing a drop in liquidity, according to DeFiLlama data.
Ethereum whales appear to be reducing their holdings as well. Lookonchain reported a large transaction on March 4 in which 30,000 Ethereum, or approximately $68 million, was transferred to FalconX and Galaxy Digital from a Genesis-connected wallet. Ethereum is showing a larger danger of technical decline. At 34, the RSI is reaching oversold territory, indicating that purchasing pressure has decreased. Moving averages point to a significant downturn, with ETH trading below key levels, including the 10-day EMA at $2,338 and the 50-day SMA at $2,852.
Although oscillators provide inconsistent signals, negative momentum, and MACD readings indicate that bearish sentiment is increasing. The nearest support is at $2,069, while resistance is at $2,163 and $2,321.Ethereum may face further declines in the coming days if the current trend continues.
Some forthcoming events may mark a tipping point. The Ethereum Pectra upgrade scheduled for April is supposed to improve scalability and staking flexibility. Possibly increasing network activity. Investors are also keeping a close eye on the first White House Crypto Summit on March 7, which could reveal further information about Trump’s ambitions for his crypto strategic reserve.
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