Ether Snaps Back After Sharp Drop, Traders Fuel Recovery With Heavy Buying
Ether briefly crashed to $2,224 before bouncing back to $2,292, as trading volumes surged to five times the norm, powering a swift rebound.
On June 21, during the 21:00 hour, Ether (ETH) experienced a sudden flash crash, sliding 7.56% from $2,406 down to $2,224, based on CoinDesk Research’s technical analysis.
The sharp decline ignited a surge in trading activity, with more than 751,000 ETH changing hands—about five times higher than the average hourly volume.
Despite the steep drop, robust buying demand emerged near the $2,250 level, helping ETH recover to $2,292. In the hour after the crash, ETH edged up 0.19%, moving from $2,287.54 to $2,291.92. A significant spike in volume occurred at 05:58, triggering a 3.15% price jump as ETH climbed from $2,283.94 to $2,291.09 on a trade volume of 7,314 ETH. Subsequent price action formed an ascending channel with higher lows, signaling growing buyer confidence as the market steadied.
Technical Highlights
- ETH plunged 7.56%, dropping from $2,406 to $2,224 during the 21:00 hour on June 21.
- Trading volume soared to over 751,000 ETH, roughly five times the typical hourly average.
- At 05:58, ETH jumped 3.15%, rising from $2,283.94 to $2,291.09 on 7,314 ETH traded.
- An ascending channel with higher lows took shape following the recovery.
- A fresh support zone emerged near $2,290, while resistance was tested around $2,297 between 06:17 and 06:20.
- Elevated volumes persisted through the rebound, hinting at stronger market liquidity.
