Key takeaways
- ETH slid 5.5% and is now trading below $2,900.
- Major altcoins may extend losses amid renewed downside momentum.
The cryptocurrency market opened the month on the defensive after Ether and other leading tokens underperformed in November. Ether briefly found relief last week, touching the psychological $3,000 level.
Those gains have since been erased, with Ether now trading near $2,800 after falling 5.5% over the past 24 hours. The sharp move lower wiped more than $140 billion from the crypto market in that period, leaving total market capitalization below $3 trillion.
The downturn also triggered liquidations of leveraged positions exceeding $500 million in the last 24 hours, with Binance, Bybit and Hyperliquid accounting for roughly 90% of those liquidations.
Ether and other major cryptocurrencies could face further selling pressure in the near term. That said, with the Federal Reserve’s FOMC meeting scheduled for next week, digital assets could see temporary relief if the Fed opts to lower its benchmark rate for the third time this year.
Ether could retest the $2,600 low
The daily ETH/USD chart looks bearish and orderly, as Ether has underperformed in recent days. The token has lost 5.5% since Sunday and is trading around the $2,840 area.
If the daily ETH/USD candle closes below the November 21 low at $2,623, bears may push the price lower in the coming hours or days, with the next key support near the June 22 low at $2,111.
Technical indicators remain weak: the RSI sits near 34, signaling seller control, while the MACD is at risk of crossing below its signal line, underscoring continued downside bias for Ethereum.
However, if buyers absorb recent selling and rally, Ether could reassert the uptrend and attempt to reclaim the $3,000 psychological level once more.