Summary
Ethereum (ETH) was US$2662.32, down 1.74% over 24h, per CoinMarketCap's own page data. CMC AI's price-analysis TLDR: Ethereum is down 3.03% to $2,679.70 in 24h, closely following a broader market correction primarily driven by a macro sell-off after strong U.S. economic data boosted Treasury yields and triggered over $425 million in leveraged long liquidations. 1. **Primary reason:** Macro-driven risk-off move. Strong U.S. PMI data raised expectations for a Fed rate hike, pushing the 10-year Treasury yield above 5.11% and pressuring risk assets like crypto. 2. **Secondary reasons:** A cascade of long liquidations amplified the drop, with over $43 million in ETH longs liquidated in one hour on September 23. 3. **Near-term market outlook:** If ETH holds above the $2,580 Fibonacci support, it could retest resistance at $2,800. A break below risks a drop toward $2,450, with the upcoming "Glamsterdam" testnet launch on October 6 as a potential catalyst.