Ethereum Price Today: ETH Slips Below $2,300 as Liquidation Risk Builds

Ethereum’s price fell sharply on February 1, extending a difficult start to 2026 and putting fresh pressure on leveraged traders across major crypto exchanges. ETH slipped below the $2,300 mark during Asian trading hours, deepening a multi-week decline that has already erased more than a quarter of its value since early January.

According to Binance market data, Ethereum was last trading near $2,299, down roughly 9.7% over the past 24 hours. Earlier in the day, ETH briefly touched lows near $2,286 before stabilizing slightly, though momentum remains fragile as sellers continue to dominate short-term price action.

The broader picture shows a steady erosion of confidence. Ethereum is down about 3.2% on the day, nearly 26% over the past 30 days, and more than 36% over the last three months. For many investors, this pullback feels less like a single bad session and more like a slow unwind of optimism that built up late last year.

One reason traders are paying close attention is the growing liquidation risk sitting just above and below current prices. Data tracked by Coinglass and cited by ChainCatcher highlights two critical levels that could amplify volatility if breached.

If Ethereum were to rebound and push above $2,477, cumulative liquidation pressure on short positions across major centralized exchanges could exceed $1 billion. That level represents a dense cluster of leveraged bets that would be forced to unwind rapidly if price strength returns.

On the downside, a sustained move below $2,245 could trigger more than $530 million in long liquidations. With ETH already hovering uncomfortably close to that zone, traders are watching every hourly close for signs that forced selling could accelerate.

This tension between upside and downside liquidation levels explains the choppy price action seen throughout the day. Rather than a clean trend, Ethereum has been bouncing within a narrowing range as leverage gradually flushes out of the system.

Market sentiment reflects this uncertainty. On major price-tracking platforms, negative reactions now outweigh positive ones, with users increasingly describing the market mood as cautious or outright bearish. While sentiment indicators are not predictive on their own, they often mirror the fatigue that sets in during prolonged drawdowns.

From a technical perspective, Ethereum’s 24-hour range stretched from roughly $2,286 to highs near $2,472, a wide swing that underscores how sensitive the market has become to even modest flows. ETH is also down nearly 18% on the week, reinforcing the idea that short-term rallies are still being sold into rather than accumulated.

Despite the near-term pressure, some longer-term investors view the current decline as a stress test rather than a structural break. Ethereum’s all-time high near $4,954 remains far above current levels, and network usage metrics have not collapsed in the same way price has. For now, however, price is firmly in control of the narrative.

What happens next may depend less on headlines and more on leverage. As long as large liquidation clusters sit close to spot price, volatility is likely to remain elevated. Traders will be watching whether ETH can reclaim the $2,400–$2,450 zone, or whether continued selling pressure drags it decisively below $2,245.

For real-time liquidation data and exchange-level positioning, many traders continue to monitor dashboards such as Coinglass, which highlight where forced liquidations may amplify the next major move.