ETH cracks $2.4K after hot CPI; $294M longs wiped
Ethereum dropped below $2,400 after stronger-than-expected US inflation “triggered renewed selling” across crypto, according to the source article. At the time cited, ETH traded near $2,370, down about 5.3% over 24 hours.
Inflation jolt, rising yields, stronger dollar
The article says September CPI rose 0.6% month over month (matching expectations) and 3.7% year over year, above the 3.6% forecast. Core CPI increased 0.3% m/m and 2.6% y/y, both above the cited forecasts of 0.2% and 2.5%.
Following the release, US Treasury yields and the dollar strengthened, creating “additional headwinds” for ETH, per the report. It cites the 10-year Treasury yield climbing to 5.32% before easing toward 5.22%, and the US Dollar Index moving above 102.80 for the first time since April 2025. The probability of a Federal Reserve rate hike at its October meeting rose from 22% to 35%, based on CME FedWatch figures cited in the article.
Leverage pain: longs dominate ETH liquidations
CoinGlass data cited in the article shows about $293.98 million in ETH liquidations over the prior 24 hours, with long positions accounting for roughly 90% of the total. Earlier in the week, Tuesday’s volatility reportedly wiped out approximately $120 million in ETH longs. The article notes that forced selling can amplify declines when collateral values fall.
Onchain flows tilt to exchanges
CryptoQuant data referenced in the piece indicates Ethereum’s exchange netflow has stayed positive since Sunday, continuing a pattern from the prior week. The article explains that positive netflow means more ETH is moving to exchanges than leaving, which can signal potential selling, though deposits alone do not confirm sales.
Key levels and momentum
Per the article’s technical view, ETH trades below its 50-day EMA (~$2,498) and 20-day EMA (~$2,563). It flags resistance near $2,548 along with the 20-day EMA as hurdles. Clearing that area could put $2,636 and then ~$2,781 in view. On the downside, horizontal support around $2,355 aligns with the 100-day EMA near $2,353; a decisive break could expose ~$2,204 and ~$1,971. As of the report, an immediate reference close was near $2,432, with spot quoted around $2,430.
Momentum is described as weak: the 14-day RSI is around 38, and the Stochastic Oscillator near 7—levels that can support a pause or short-term rebound but, per the article, do not confirm a trend reversal. The source concludes that ETH’s recovery prospects hinge on buyers stabilizing price and reclaiming overhead resistance while inflation concerns and selling pressure persist.