📉 The price of Ethereum has sharply fallen to key support amid rising liquidations

📊 The Ethereum (ETH) token dropped to $1,768, which is a decrease of 60% from its all-time high.

📉 This decline marks the lowest level since May of last year.

🛡 The overall downturn in the crypto market has intensified, leading to significant liquidations.

💰 Liquidations have reached nearly $2 billion since January 31, which is the highest figure in several months.

⚙️ The weighted average funding rate for Ethereum has fallen to October lows, indicating a bearish sentiment.

📅 This week is a critical moment as the price approaches key support levels.

The recent drop in the price of Ethereum is significant, reflecting overall market trends and investor sentiment. The combination of high liquidations and negative funding rates indicates a lack of confidence among traders.

Despite the price drop, Ethereum's network activity remains stable, with notable transaction volume and active addresses. This foundation could serve as a basis for potential recovery when market conditions stabilize.