Ethereum drops 9% in 8 hours as liquidations wipe out $670M in longs

Ethereum dropped 9% in the past eight hours, sliding to $2,930 as crypto markets continue to reel from a wave of liquidations.

The pullback comes amid broader weakness across digital assets, with Bitcoin retreating to the mid-$86,000 range.

The selloff intensified as over $670 million in positions were liquidated in the past 24 hours, according to Coinglass data. Longs bore the brunt of the move, accounting for $570 million of total liquidations. Ethereum alone saw $176 million in liquidated longs, while Bitcoin recorded $204 million.

The market has struggled to regain momentum since the October 10 wipeout, with risk appetite remaining low across both majors and altcoins.