Ethereum Price Plunges as Market Faces Sharp Correction

Ethereum fell more than 10% in the past 24 hours, dropping below the critical $3,000 threshold and briefly breaking support at $2,900. This sharp decline triggered widespread stop-loss orders and contributed to over $500 million in liquidated long positions. Trading volume surged to 33.2 billion—an increase of more than 200%—as market volatility intensified. The broader crypto market also suffered, sliding nearly 7% within a day and losing 20% over the past month. Major assets like Bitcoin, Solana, XRP, and Dogecoin mirrored this downward trend, collectively wiping out an estimated $200 billion in market value in just hours.

Despite the downturn, Ethereum reached a major technical milestone with the successful activation of its Fusaka upgrade on December 3. As the network’s second major upgrade of 2025, Fusaka synchronizes execution-layer and consensus-layer changes while enhancing Ethereum's ability to support higher Layer-2 throughput. In contrast to the market sell-off, BitMine Immersion Technologies continued expanding its ETH holdings, accumulating more than 96,798 ETH even as many firms reduced exposure during the decline.

Ethereum is currently trading around $2,738, reflecting strong bearish sentiment. Technical indicators reinforce this outlook: the MACD shows negative divergence with a red histogram, suggesting downward momentum may persist. The RSI has fallen to 32, placing ETH firmly in oversold territory and hinting at a potential reversal should buying pressure re-emerge.

Key price levels to monitor include support at $2,700 and $2,500. Failure to hold these zones could deepen the bearish trend, while a rebound from these levels may allow Ethereum to retest $2,900 and potentially reclaim $3,000. A move above $2,900 would signal early bullish recovery, whereas a drop under $2,500 could open the door to further losses.