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Decrypt1 min read
Ethereum Tanks to 2-Month Low: Whales Return but Sub-$2K Fears Mount
TL;DR
Ethereum's price has dropped to just over $2,000, marking a two-month low, with a 17% decline from its monthly high. Analysts warn that losing the $2,000 support could lead to further price corrections.
Key points
- Ethereum's price dropped to just over $2,000.
- The asset has declined 17% from its monthly high of $2,425.
- Over $250 million in ETH longs were liquidated recently.
Ethereum’s native token has taken the most recent crypto market correction hard, with the asset diving to just over $2,000 earlier today, which became its lowest price point in almost two months.
Moreover, it has dropped by 17% since its monthly high at $2,425, and the overall landscape seems quite bearish. Although Santiment Intelligence believes this could be the necessary factor for a major trend reversal, the current environment is nothing short of underwhelming, to say the least.
More Trouble Ahead?
After it was stopped at $2,400, $2,300, $2,200, and $2,100 earlier this week, the latest crucial support to give in was the $2,050 level during today’s decline. According to popular analyst Ted Pillows, this opens the door for more profound corrections. Moreover, he warned that if ETH loses the psychological $2,000 support as well, new lows “will just be a matter of time.”
Fellow analyst CW noted that a large amount of ETH longs were liquidated on the way down. More specifically, data from CoinGlass shows that the total value of liquidated ETH longs is over $250 million on a daily scale, second only to bitcoin’s $380 million.
CW added that as short positions closed, the Open Interest declined significantly and the Net Position Delta increased. They concluded that high-leverage longs are getting wrecked, while bearish bets are closing, which could lead to some market calmness.
During the decline, $ETH long positions were liquidated in large amount.
Subsequently, as short positions closed, the Open Interest (OI) decreased and the Net Position Delta increased.
High-leverage long positions are being liquidated, and bearish bets are closing. pic.twitter.com/bTYuT7tjnG
— CW (@CW8900) May 23, 2026
OG Whale Returns
The silver lining for the Ethereum ecosystem at the moment is the return of an OG whale, as reported by Lookonchain. The analytics company’s data shows that this market participant, who is known for pocketing a 376x return on their initial ETH investment from 10 years ago, has started accumulating again.
Q&A
What caused Ethereum's price to drop to a two-month low?
Ethereum's price fell due to a recent crypto market correction, dropping 17% from its monthly high.
How much ETH longs were liquidated during the recent decline?
Over $250 million in ETH longs were liquidated, making it the second highest after bitcoin's $380 million.
What are the implications if Ethereum loses the $2,000 support level?
If Ethereum loses the $2,000 support, analysts predict that new lows will likely follow.
