ETH briefly drops below $2200, triggering a liquidation storm: Will Ethereum's price fall below $2000?

February 2 News, Ethereum (ETH) price fell below $2,195 on Monday evening, with a single-day decline of over 10%, marking the largest single-day pullback since October 2025. This drop directly triggered large-scale liquidations, and market sentiment quickly shifted to caution. Data shows that ETH’s current market capitalization is approximately $268.8 billion, accounting for about 10.5% of the entire cryptocurrency market, significantly down from its historical peak of $583.9 billion.

Trading activity has also increased, with Ethereum’s trading volume in the past 24 hours approaching $42.7 billion, nearly 30% of the total market volume. The price has fluctuated sharply between $2,195 and $2,322, with the market cap decreasing by over 22% in the past week. Compared to the all-time high of $4,956 set in August 2025, ETH is currently in a decline of over 55%.

Leverage traders have become the main victims of this round of decline. Statistics show that over $180 million worth of Ethereum-related positions were forcibly liquidated in the past 24 hours, with long positions making up the majority. As the price broke below the key support level of $2,200, margin shortages triggered chain reactions of selling, further amplifying the downward movement. On-chain data indicates that long-term holder addresses have not shown significant activity, and the selling pressure mainly comes from short-term and high-leverage funds.

Bloomberg analyst Mike McGlone pointed out that if macro uncertainties and high financing costs persist, Ethereum’s price could continue to approach the $2,000 or even $1,950 region. He believes that the $2,000 and $1,800 levels are important technical support zones; if these are broken, it could trigger a new round of liquidations.

Currently, the entire cryptocurrency market remains under pressure. The simultaneous weakness of Bitcoin has also increased ETH’s vulnerability. Traders are closely watching whether an oversold rebound or technical correction will occur; otherwise, there is still a risk of further downside in the short term.