Why is Ethereum (ETH/USD) down today?

ETH/USD is down 3.29% on the day at $2390.01, a move that comes alongside reports from Crypto Economy of a broader crypto liquidation wave hitting leveraged long positions. That headline is a topic currently being reported, not a confirmed driver of the price move.

What are the nearest support and resistance levels for ETH/USD?

The nearest resistance is the daily pivot at 2411, about $20.99 above the last price, and the nearest support is the previous day low at 2366.16, about $23.85 below it. Further out, S1 sits at 2342.72 and R1 at 2455.84.

Will today's US PMI and consumer sentiment data affect ETH/USD?

The S&P Global PMIs and the University of Michigan sentiment and inflation expectation readings are scheduled today at 13:45 and 14:00 UTC. They are listed on the calendar as upcoming releases, and FACTS does not indicate how crypto prices will react to them.

What would confirm further losses in ETH/USD?

A break below S1 at 2342.72 would open the way toward S2 at 2297.88, a bearish path that would be invalidated by a move back above the daily pivot at 2411.

Ethereum (ETH/USD) Drops 3.3% as Crypto Sell-Off Widens

Market news Bearish bias Oct 23, 2026, 00:48 UTC

Marcus ReedTechnical Analysis Lead · ForexR analyst

ETH/USD is down 3.29% at $2390.01, trading between S1 at 2342.72 and the daily pivot at 2411, with the broader crypto liquidation wave dominating today's newsflow.

Textured purple chain links against a muted pink background

Price2,390.01

Day change-3.29%

Day range2,366.16 - 2,479.28

ATR (14)96.33

Resistance	Level	Support	Level
R3	2,568.96	S1	2,342.72
R2	2,524.12	S2	2,297.88
R1	2,455.84	S3	2,229.60
Previous day high	2,479.28	Previous day low	2,366.16
20-day high	2,739.00	20-day low	2,313.07
Daily pivot 2,411.00. Data as of 2026-10-23 00:46 UTC; price from a live feed, levels computed from the previous completed daily bar.

Ethereum (ETH/USD) 1-hour chart with the daily pivot at 2,411.00, R1 2,455.84, R2 2,524.12, S1 2,342.72, S2 2,297.88 and the bullish and bearish scenario paths — Ethereum (ETH/USD), 1-hour candles with the daily pivot levels, the range between nearest support and resistance, and both scenario paths. Data as of 2026-10-23 00:46 UTC.

Ethereum's Sharp Decline Today

Ethereum changes hands at $2390.01, down $81.33 on the day, a drop of 3.29% from the previous close at $2471.35. Price sits between S1 at 2342.72 and the daily pivot at 2411, matching the broader slide seen across major crypto assets during the Asia session.

The nearest resistance is the daily pivot at 2411, roughly $20.99 above the last print, while the nearest support is the previous day low at 2366.16, about $23.85 below it. With London not due to open until 07:00 UTC, the pair is currently working through this range in thin overnight liquidity.

Broader Crypto Sell-Off and Liquidation Wave

Crypto Economy reports that Bitcoin and Ethereum have extended a sell-off tied to a wave of liquidations hitting leveraged long positions. Tokenpost separately flagged a large holder's Ethereum stake sitting near a notable ownership threshold, a proposal aimed at shortening the network's finality confirmation time, and on-chain transfer activity tracked across several blockchains including Ethereum. These are topics currently being reported in the newsflow, not confirmed drivers of today's price action.

Price Action and Momentum

Today's range of $113.12, from the day high at 2479.28 to the day low at 2366.16, runs to about 117% of the 14-day average true range of $96.33, meaning the session has already covered more ground than typical recent days. Yesterday's candle closed at 2387.56 within that same $2479.28–$2366.16 band.

The daily EMA20 sits at 2484.72 and the EMA50 at 2476.45, both above the current price, while the EMA200 at 2319.78 remains below it, leaving the daily trend read as mixed. The four-hour and one-hour trends are both down, with four-hour EMAs at 2420.74/2436.23 and one-hour EMAs at 2401.64/2420.80, and the daily RSI14 reads 38.8. Ethereum is down 0.4% over five days and down 10.42% over twenty days.

Key Levels

Above price, the pivot ladder runs from the daily pivot at 2411 to R1 at 2455.84, R2 at 2524.12 and R3 at 2568.96. Below price, S1 sits at 2342.72, S2 at 2297.88 and S3 at 2229.60; a full breakdown of how these levels are built is in this guide to pivot points. The previous day's high was 2479.28 and its low was 2366.16. Over the last five sessions the high reached 2524.38 and the low was 2325.48, while over the last twenty sessions the high reached 2739.00 and the low was 2313.07. Price has also slipped below the round number at 2400, with the next round level below it at 2350.

Scenarios From Here

A break above R1 at 2455.84 would open the way toward R2 at 2524.12, a path that would be invalidated by a move back below the daily pivot at 2411. On the downside, a slide through S1 at 2342.72 could extend losses toward S2 at 2297.88, with that view undone by a recovery back above the daily pivot at 2411. Either path can be sized against current levels with a risk and reward calculator.

What's Next on the Calendar

Today brings the S&P Global Services PMI, estimated at 57.9 against a previous 58.8, alongside the Manufacturing PMI (estimate 55.6, previous 55.9) and the Composite PMI (previous 58.4), all due at 13:45 UTC. At 14:00 UTC, the University of Michigan releases its 5-year inflation expectation (estimate 3.5%), 1-year inflation expectation (estimate 4.7%), Consumer Sentiment Index (estimate 46.3) and Consumer Expectations Index (previous 47.3).

News Sentiment and Bottom Line

News sentiment data shows the opportunity read on ETH/USD at -35, a bearish reading that has shifted from 31 (bullish) to -34 (bearish) over the past 24 hours. This reflects the tone of recent coverage, not trader positioning or a forecast of future price direction.

With price down 3.29% and positioned between S1 at 2342.72 and the daily pivot at 2411, below-pivot trend readings on the four-hour and one-hour charts, and an RSI14 at 38.8, the near-term lean is tilted lower while the daily picture stays mixed. A move back above the daily pivot at 2411 would shift that balance; a break of S1 at 2342.72 would extend the current decline toward S2 at 2297.88.