The price of Ethereum (ETH) has dropped 23% in February, making it on track for its worst February on record. This is a departure from historical trends, as February has typically been a bullish month for ETH. The cryptocurrency is currently trading at $2,387, down 12% in the last 24 hours. The broader market is also experiencing a sell-off, with Bitcoin falling to its lowest level since November 2021. The drop in ETH price has led to over $1.34 billion in bullish crypto positions being liquidated on derivatives markets. If ETH falls below $2,400, it could experience deeper losses. However, some analysts believe that the current price may present an opportunity for investors to accumulate ETH at lower prices. Additionally, there are several factors that could be bullish for ETH, including a favorable regulatory outlook for ETH-based stablecoins and smart contracts, the presence of an Ethereum spot ETF, and increasing accumulation by whales.



Other News from Today