Ethereum price dropped by over 10% in the past 24 hours, falling below $3,000. The drop came after the cryptocurrency breached critical support at $2,900. This resulted in a wave of stop-loss triggers and liquidated long positions of $500 million.
The volume of trading increased to 33.2 billion, which is 200% higher. There was also a loss in the wider crypto market, where it dropped by 6.98% in the past day. The market has declined by 20% in the last 30 days. Bitcoin, SOL, XRP, and DOGE also showed a similar trend of decline.
Overall, market corrections can be seen in this decline. Bitcoin and $5 000 lost, and long positions worth half a billion liquidated. Within several hours, the market value of crypto was wiped out at an estimated value of 200 billion.
Ethereum’s Fusaka Upgrade Goes Live, Marking a Key Milestone
On December 3, Ethereum flipped its Fusaka upgrade, the second significant upgrade of the network in 2025. This upgrade aligns executed and consensus-layer changes and is a great enhancement to the scale of Ethereum. It allows the network to handle more Layer 2 transactions.
The Ethereum holdings of BitMine Immersion Technologies have grown by 96,798 ETH in an ongoing purchase spurt in the market on a downward trend. The firm has gained ground despite the recent crash of cryptocurrencies and their values. This is opposed to most other digital asset companies, which have been scaling back their exposure.
What’s Next For Ether Price?
The latest Ethereum price traded at $2,738, signaling a strong bearish trend in the market.
There has occurred a great sell-off in the market, and the MACD indicator is experiencing negative divergence. This shows that downward trend might be sustained in the near future. The MACD histogram is also red, which indicates the persistent bearish feeling.
The Relative Strength Index (RSI) is now at 32, and it is in the deep oversold region. This implies that Ethereum is being massively sold, and it might experience a possible reversal.
Source: ETH/USD 4-hour chart: TradingviewLooking at the key price levels, the $2,700 and $2,500 zones are crucial. Failure to retain these levels by Ethereum price would increase the bearish trend.
Conversely, in case Ethereum price is supported at these levels and begins recovering, it might head up to the $2,900 and $3,000 levels.
An increase beyond $2,900 would indicate a possible reversal to the bullish side, and a fall below $2,500 would probably cause further losses
Source: https://coingape.com/markets/ethereum-price-crashes-below-3000-as-500m-longs-liquidated-whats-next/
