Ethereum Plunges Over 10%, Hits Multi-Month Low

Ethereum (ETH) tumbled 10.12% on Friday, marking its steepest one-day drop since February 24. Trading at $2,104.07 by 00:54 (05:54 GMT) on the Investing.com Index, ETH's market cap fell to $255.71 billion, representing 9.66% of the total crypto market.

The recent decline extends Ethereum’s weekly losses to 22.99%, with prices fluctuating between $2,102.18 and $2,312.79 in the last 24 hours. Over the past seven days, ETH ranged between $2,102.18 and $2,838.22. Trading volume reached $31.03 billion in the past day, accounting for 20.69% of all crypto transactions. Despite some volatility, Ethereum remains 56.74% below its all-time high of $4,864.06, set on November 10, 2021.

Bitcoin (BTC) also faced a sharp decline, dropping 7.60% to $79,354.00. Its market cap now stands at $1.58 trillion, dominating 59.86% of the crypto market. Meanwhile, stablecoin Tether (USDT) traded at $1.0002, showing slight stability with a market cap of $142.04 billion, or 5.37% of the total market.

The latest downturn in the crypto market reflects broader selling pressure as investors react to macroeconomic uncertainties and shifting sentiment. With Ethereum and Bitcoin both seeing significant losses, traders are closely watching key support levels for potential rebounds.