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Why Did Ethereum Experience A Price Plunge Today?

  • Ethereum's price fell over 4.5 percent in the last 24 hours to around $2,380 due to technical, macroeconomic, and market structure factors.
  • ETH plunged below a key support zone at $2,530, triggering over $200 million in long liquidations and dropping from approximately PKR 704,396 to PKR 679,782.
  • Institutional demand for ETH exposure has decreased, with negative funding rates in derivatives markets. Speculative participation and bearish sentiment have also decreased.
  • The current pullback in Ethereum's price is seen as a buying opportunity by many analysts, with technical patterns suggesting further support and potential recovery factors including network fortification and institutional inflows.

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