Ethereum (ETH) price has fallen to retest a crucial support level of above $3,700. The large-cap altcoin, with a fully diluted valuation of approximately $453 billion, dropped 5% over the past 24 hours to trade at around $3,754 on Thursday during the mid-North American session.
The ETH price drop coincided with Bitcoin (BTC), which retraced 4% to hover about $107.5k at press time. Following the sudden ETH price drop today, more than $218 million was liquidated from the Ethereum leveraged market, with the majority involving long traders.
From a technical analysis standpoint, the ETH/USD pair has been retesting a crucial support level around $3,700. Since the October 11 crypto crash, the ETH/USD pair has rebounded from this support level three times, thus signaling potential market reversal ahead.
According to market data analysis from Santiment, Ethereum has attracted a significant number of short positions, which historically coincides with market reversal.
The possibilities of Ethereum price hitting a new all-time high soon has been bolstered by the notable capital rotation from Bitcoin. Notably, the ETH/BTC pair has signaled a market reversal after years of downtrend.
The notable capital rotation from Bitcoin to Ethereum is also observable through their futures market. According to market data from CME Group, the number of Ethereum futures contract significantly compared to Bitcoin’s.
As such, the ETH/USD pair is well positioned for further upsides in the coming weeks, especially if the bulls hold above $3.7k.
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