ETH Drops 8% in Flash Crash, Recovers After Buyers Step In

Ethereum (ETH) experienced a sharp flash crash during the 21:00 hour on June 21, falling 7.56% from $2,406 to $2,224, according to CoinDesk Research’s technical analysis model.

The sudden price drop triggered heavy trading activity, with more than 751,000 ETH changing hands—nearly five times the average hourly volume.

Despite the steep decline, buyer interest surged around the $2,250 level, helping the asset recover to $2,292. During the hour following the crash, ETH rose 0.19% from $2,287.54 to $2,291.92. A volume spike at 05:58 accompanied a 3.15% price jump on 7,314 ETH, establishing a new support zone near $2,290. The price action that followed formed an ascending channel with higher lows, signaling increased buyer engagement as conditions stabilized.

Technical Analysis Highlights

• ETH dropped 7.56% from $2,406 to $2,224 during the 21:00 hour on June 21.
• Trading volume spiked to over 751,000 ETH, nearly five times the typical hourly average.
• At 05:58, ETH surged 3.15% from $2,283.94 to $2,291.09 on 7,314 ETH volume.
• Price action formed an ascending channel with higher lows after the crash.
• A new support zone formed around $2,290, with resistance testing at $2,297 between 06:17 and 06:20.
• Volume remained elevated during the recovery, indicating improved liquidity.

Source