Ethereum Price Drops to $2,575: Liquidations Surge and Bullish Momentum Fades

Ethereum’s price experienced a significant decline of 4%, dropping to $2,575 on May 15th. This drop was driven by surging liquidations, with long positions shedding over $64.6 million in value within the past 24 hours. Open interest also decreased, reflecting a lackluster sentiment among traders at around $31.52 billion. The ETH/BTC chart mirrored historical patterns from 2019, suggesting a potential breakout similar to that of 2021.