Ether plunges 3.4% in an hour, hits $2,122 as $214M in longs liquidated

Ether got smoked in a hurry. The second-largest crypto by market value fell 3.40% in the hour ending 5:51 p.m. ET Sunday (22:51 UTC), landing at $2,122 on Binance's ETH/USDT spot market, according to a TokenPost snapshot pulled straight from the exchange. An hour earlier, that same pair printed $2,196 — a $74 gap.

The damage wasn't limited to the last 60 minutes. The same snapshot showed ETH down 5.07% over 24 hours, a wider window that captures more of the slide. By market cap, Ether sat at roughly $259.26 billion, still holding the No. 2 spot behind Bitcoin.

Leveraged traders felt it. Liquidations across Binance, Bybit and OKX totaled $214.53 million in long positions and $3.17 million in shorts during that hour. That's a $211.36 million gap — longs outnumbered shorts by more than 67 to 1, the classic signature of a leveraged long squeeze.

The numbers come from two different lenses: the price move is measured on Binance spot ETH/USDT quotes, while the liquidation tally pulls from three exchanges. Both were captured in the same snapshot, meaning the wipeout figures line up with the exact hour Ether took its dive.

What happens next hinges on whether $2,122 holds. A bounce and the liquidation cascade looks like a flush; a break lower and those $214 million in longs could be the opening act.