Key Highlights Ethereum drops 7% in 24 hours, falling below the critical $2,700 support, testing market sentiment. Over $414M in liquidations and significant ETF outflows show growing selling pressure from both retail and institutional investors. If ETH fails to hold support, the next major level around $2,094 could come into play, signaling a sharper correction. Ethereum (ETH), the world’s second-largest cryptocurrency, began the day around $2,738 but quickly lost momentum, slipping below the crucial $2,700 mark and touching nearly $2,680. The drop caught traders off guard and pushed ETH into one of its sharpest declines in recent weeks, down nearly 7% in the last 24 hours. At the time of writing, ETH is hovering around $2,715–$2,720, a level that now feels like a make-or-break zone. All eyes are on whether the price can stabilize here — or if the selling pressure will drag it even lower. Ethereum’s trading range Since November 14, 2025, Ethereum has been moving in a range between $2,737 and $3,410. This means the price has been mostly sideways for over two months. The upper limit, $3,410, acts as resistance. Source: TradingView The lower limit, around $2,700, shows support, where buyers usually step in to prevent the price from falling further. Because of this range, the market has been quiet in terms of trends. Neither buyers nor sellers have been able to take control. The move today shows how fast things can change if pressure builds on the market. Liquidations and market activity Ethereum’s recent drop triggered a lot of forced position closures. In the last 24 hours, roughly $414 million worth of ETH trades were liquidated, as per data by Coinglass . Most of this — about $387.88 million — came from traders who had bet on the price going up, while $26.52 million came from those betting it would fall. When these positions get closed automatically, it adds more selling pressure, and the price drops faster. Ethereum’s 24-hour trading volume also shot up to $44.34 billion, almost 90% higher than yesterday. Traders were moving quickly, buying and selling as the price changed, and that kept the downward pressure going. ETF outflows add more pressure on ETH Ethereum’s weakness wasn’t limited to futures and leveraged traders. Spot ETF data also showed clear signs of caution from institutional investors. On January 29, U.S. spot Ethereum ETFs recorded a net outflow of $155.61 million, as per SosoValue , suggesting that big players were reducing exposure as prices slipped. Some of the largest funds saw notable withdrawals: BlackRock’s ETHA recorded outflows of $54.88 million Fidelity’s FETH saw $59.19 million leave the fund Grayscale’s ETHE lost $13.05 million, while its lower-fee ETH fund saw another $26.49 million in outflows Even smaller ETFs like Bitwise’s ETHW saw money move out Despite this, total assets held across Ethereum spot ETFs remain sizable at $16.75 billion, accounting for nearly 5% of Ethereum’s total market value. The big outflow in just one day shows that investors are starting to step back as Ethereum’s price weakens. Market confidence has clearly cooled off, with many choosing to stay on the sidelines instead of taking fresh bets. At the same time, trading picked up sharply. ETF volumes jumped to $2.15 billion as investors moved quickly to adjust their positions after ETH slipped below key support levels. Taken together, the ETF data adds to the growing bearish tone in the market — suggesting that it’s not just short-term traders pulling back, but institutional investors as well, who are choosing to stay on the sidelines as uncertainty builds. Options expiry adds pressure Ethereum’s drop today was partly due to a $1.4 billion options expiry. Large expiries often make the market more active because traders and institutions adjust their positions to protect themselves. This can push the price up or down quickly. Source: Deribit Today, it added to the selling pressure and helped ETH fall below $2,700. Traders pay close attention to these expiry dates since they can trigger sudden moves. What could happen next Ethereum is at a tricky point right now. If it can hold the $2,700 support, it might keep trading sideways within its usual range and try to climb back toward the resistance at $3,410. But if selling pressure keeps building, or if any negative news hits the market, ETH could break support and head toward $2,094, which would be a bigger drop. The market is playing it safe right now. Ethereum has been stuck between $2,737 and $3,410 for the past two months, and today’s big drop shows that the price is still swinging a lot. Traders and investors will be watching closely over the next few days to see if Ethereum can settle down or if it will fall even more. Also Read: Silver Outshines Bitcoin with 100% Gain in 50 Days — Is Risk Appetite Changing?