22.06.2025 07:12
On June 21st, at 9 PM, the Ethereum (ETH) cryptocurrency experienced a dramatic flash crash, plummeting 7.56% from $2,406 to $2,224, as indicated by CoinDesk Research's technical analysis. This sudden price drop ignited a flurry of trading activity, with a staggering 751,000 ETH units exchanged – a volume almost five times the usual hourly average.
However, this significant price drop was short-lived. A surge in buying interest emerged around the $2,250 support level, enabling ETH to swiftly rebound. Within the hour following the crash, the cryptocurrency showed a slight yet notable increase of 0.19%, climbing from $2,287.54 to $2,291.92. Further bolstering this recovery, a substantial 3.15% price jump occurred at 5:58 AM, driven by a transaction volume of 7,314 ETH, effectively establishing a new support zone near $2,290.
The subsequent price movements revealed a clear ascending channel pattern, characterized by progressively higher lows. This technical indicator strongly suggests a growing confidence among buyers and an increase in market stability. While resistance was briefly tested around $2,297 between 6:17 AM and 6:20 AM, the elevated trading volume throughout the recovery phase underscored improved market liquidity.
In summary, although Ethereum faced a significant initial downturn, the rapid recovery, fueled by strong buyer intervention and supported by positive technical indicators, points to a resilient market for the cryptocurrency. The information presented here is based on data from internet sources and has been reviewed for accuracy. Note that parts of this article were generated using AI tools, per CoinDesk's AI policy.
