Ethereum price hits $2,400 as $1.09B liquidations shake the market
Ethereum has reached a key support zone after another wave of forced liquidations swept through the market. With leverage now significantly reduced, the next test is whether buyers can stabilize the price and slow the broader correction.
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The cryptocurrency markets have experienced yet another massive wave of liquidations. As per CoinGlass, the total amount of liquidation during the last 24 hours stood at $1.09 billion, out of which approximately $935.7 million were related to long positions. The sharp decline across cryptocurrencies triggered margin calls and forced selling, adding further momentum to the downturn.
Institutional flows also remain negative. According to SoSoValue, the net outflow of U.S. spot Ethereum ETFs was $72.54 million on October 8, increasing the negative streak to eight consecutive days. Although outflows slowed considerably from $160.9 million on October 7, the overall trend remains unfavorable.
$2,350–2,400 becomes the key support zone
The scenario outlined in the previous analysis has played out in full. We warned of the risk of another liquidation wave, and that is exactly what followed. ETH has now reached the projected $2,400–2,450 target zone.
The nearest support area is now $2,350–2,400. If selling continues and buyers fail to defend this zone, Ethereum could enter a broader correction, with $2,200 becoming the next major downside target.
A substantial amount of leveraged exposure has already been flushed out of the market, however. That could reduce pressure from forced selling and create the conditions for bullish momentum to return.
For that recovery scenario to develop, ETH first needs to stabilize above $2,350 and then reclaim the 50-day SMA near $2,550. A sustained move above the moving average would improve the short-term technical structure and open the way toward the next resistance level at $2,630.
Leverage reset helps, but spot demand still needs to recover
The current liquidations' magnitude means that there are no longer too many crowded long positions, possibly making the market immune from any further rounds of forced selling. But lower margin levels do not necessarily assure buyers' comeback into the market.
The slowdown in ETF outflows is an early potentially constructive signal, but a durable Ethereum recovery will require price stabilization and stronger demand in the spot market. Until those conditions are in place, the risk of further downside remains elevated.
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