The Ethereum (ETH) price experienced a dramatic drop of nearly 20%, plummeting below $1,500 within 24 hours. The global cryptocurrency market witnessed a significant downturn, with the total market capitalization decreasing by 11% to reach $2.37 trillion. Trading volume surged dramatically, increasing by 213% to surpass $131.36 billion. Ethereum’s price decline was accompanied by an increase in trading activity, with volume surging by 405% to hit $32.31 billion. The market cap has now fallen by almost $175.31 billion. Notably, a whale holding a significant leveraged position (valued at approximately $105 million) saw its entire investment liquidated after ETH briefly exceeded $1,650, despite attempts to defend the position with additional ETH as collateral. 18.21% of Ethereum’s market cap is impacted by this high-intensity trading pressure. Trading activity has become volatile, leading to cascading liquidations across the ecosystem. Technical indicators suggest a potential downside in price following a break below key support levels. The RSI currently sits at 13.50, deep within the oversold zone, and the 36.83-day moving average line indicates a steep decline. This divergence suggests that the downtrend will likely continue for an extended period due to weak buyer demand. The Chaikin Money Flow (CMF) also reflects this gloomy scenario by printing a negative figure of -0.36, indicating a significant capital exodus from traders who are less confident in market recovery.