Ethereum dropped sharply but bounced back as strong buying followed the crash.
- ETH fell 7.56% in one hour on June 21, hitting $2,224.
- Volume surged to over 751,000 ETH during the crash.
- Buyers stepped in, pushing ETH back near $2,290 support.
Sudden Crash in Ethereum Price
On June 21, Ethereum’s price dropped fast between 21:00 and 22:00. It fell from $2,406 to $2,224, dropping nearly 8% in just one hour. This was a rare event and caught traders off guard.
Unusual Trading Volume
During the crash, over 751,000 ETH were traded. That’s almost five times more than the usual trading volume in an hour. High volume often means traders are reacting quickly. In this case, many were likely selling or buying ETH as the price moved suddenly.
Fast Recovery and Support Level
Despite the drop, buyers jumped in when the price neared $2,250. This buying pressure helped ETH recover. By the next hour, the price had risen to $2,292. New buyers helped form a support zone near $2,290, keeping the price from falling again.
Signals of Market Stability
At 05:58 on June 22, another price jump took ETH from $2,283.94 to $2,291.09, with 7,314 ETH traded. A steady rise in price followed, forming what experts call an “ascending channel.” This means prices are going up slowly with each dip higher than the last one. It’s a sign of more confidence in the market.
Outlook for Ethereum
Ethereum now has a confirmed support level around $2,290. It also faces some resistance near $2,297. Traders will watch how ETH reacts to these levels in the short term. If volume stays high and prices hold, ETH may see more upward movement.
Source: coindesk.com
