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$ 94,346.2
BTC
$ 94,346.2
-1.50 %
$ 1,799.43
ETH
$ 1,799.43
-1.73 %
$ 0.6765
ADA
$ 0.6765
-2.85 %
$ 590.75
BNB
$ 590.75
-1.25 %
$ 145.70
SOL
$ 145.70
0.15 %
Sujit Kumar
Feb 3, 2025
by Sujit Kumar

Ethereum Suffers Largest 24-Hour Loss in Four Years

Ethereum Suffers Largest loss

Table of contents

  1. Can Ethereum Recover?
Ethereum (ETH) has taken a major hit, recording its worst 24-hour decline since May 2021. The altcoin fell nearly 27%, dropping to just above $2,100, before recovering slightly to around $2,400. Despite this partial recovery, ETH remains down 20% on the day, contributing to widespread losses across the crypto market.

Massive Liquidations Hit the Crypto Market

Ethereum is not alone in this downturn. Other major cryptocurrencies have also suffered significant declines:

  • Bitcoin (BTC): Down 6%

  • XRP: Down 22%

  • Solana (SOL): Down 8%

  • Dogecoin (DOGE): Down 23%

    • According to CoinGlass, this sell-off triggered the largest 24-hour liquidation event in recent history, with over $2.22 billion in trader losses. ETH long traders were the hardest hit, losing approximately $605 million.

    The sudden market drop follows economic uncertainty caused by new U.S. tariffs imposed by the Trump administration, prompting investors to reduce exposure to risk assets.

    Can Ethereum Recover?

    Despite the downturn, some analysts remain optimistic. Prominent trader IncomeSharks described the dip as a buying opportunity, setting a price target above $3,000. Benjamin Cowen, founder of Into The Cryptoverse, noted that ETH has reached a key long-term support level, hinting at a potential rebound.

    Historically, ETH has bounced back from similar crashes, previously surging to $5,000 after a sharp drop in 2021. Whether history will repeat itself remains to be seen.

    Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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    Ethereum Suffers Largest 24-Hour Loss in Four Years
    Sujit Kumar
    Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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