Ethereum Erases Its 2025 Gains: Is ETH Price Headed To $2.2k Next?

Ether could drop as low as $2,200 in the coming days, fuelled by risk-off mode among derivatives traders and a weakening technical structure.

ETH price dropped to its yearly open at $3,330 on Tuesday, wiping out more than $484.5 million on long ETH leveraged positions.

Risk-off behavior among derivatives traders weighs down Ether’s price.

The ETH price chart is forming a bearish pennant, targeting $2,400.

Ether (ETH) tumbled toward the $3,000 level on Tuesday, marking the first time it had revisited the psychological mark since mid-July.

The top altcoin fell as much as 16% to 3,050 on Tuesday, before recovering to the current price of $3,300, per Cointelegraph Markets Pro and TradingView.

This level coincides with the Jan. 1 open at $3,330, implying that ETH has erased its year-to-date gains, as shown in the chart below.

The latest sell-off has extended Ether’s drawdown from its Aug. 24 all-time high of $4,955 to 33%.

Ether’s bearish performance today was accompanied by significant liquidations across the crypto market. According to data from CoinGlass, more than $1.7 billion leveraged crypto positions have been liquidated over the last 24 hours, with $1.3 billion representing long liquidations.

Related: BitMine adds over 200K ETH in ‘aggressive’ post-crash weekend buying

Source: CoinTelegraph