Ether Recovers Swiftly After Steep Flash Crash, Signals Renewed Buyer Interest
Ether dropped sharply to $2,224 before recovering to $2,292, as trading volumes soared to five times their average levels, helping drive a rapid rebound.
On June 21 during the 21:00 hour, Ether (ETH) saw a sudden flash crash, plunging 7.56% from $2,406 to $2,224, according to CoinDesk Research’s technical analysis data.
The abrupt decline unleashed intense trading activity, with over 751,000 ETH traded—nearly five times the usual hourly volume.
Despite the steep sell-off, strong demand emerged near the $2,250 mark, enabling ETH to climb back to $2,292. In the hour following the drop, ETH inched up by 0.19%, moving from $2,287.54 to $2,291.92. At 05:58, a spike in trading volume saw ETH surge 3.15%, jumping from $2,283.94 to $2,291.09 on a trade volume of 7,314 ETH. Price action following the rebound formed an ascending channel with higher lows, reflecting renewed buying momentum as the market stabilized.
Key Technical Highlights
- ETH fell 7.56% from $2,406 to $2,224 during the 21:00 hour on June 21.
- Trading volume exceeded 751,000 ETH—close to five times the typical hourly average.
- At 05:58, ETH rose 3.15% from $2,283.94 to $2,291.09 on 7,314 ETH traded.
- Price movements established an ascending channel with higher lows post-crash.
- A new support zone formed near $2,290, while resistance was tested around $2,297 between 06:17 and 06:20.
- Elevated trading volumes persisted through the rebound, indicating stronger market liquidity.
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