Key takeaways
- ETH fell 5.5% and is now trading below $2,900.
- Major altcoins could face further losses amid renewed bearish momentum.
The cryptocurrency market has entered another bearish phase after underwhelming performance from Ether and other leading tokens in November. Ether saw a brief relief rally last week when it touched the psychological $3,000 level, but those gains have since been erased.
Ether is trading near $2,800 after losing 5.5% in the past 24 hours. The sharp decline contributed to more than $140 billion being wiped from the crypto market in this timeframe, bringing total market capitalization back below $3 trillion.
The downturn also triggered liquidations of leveraged positions exceeding $500 million over the past day, with Binance, Bybit and Hyperliquid accounting for roughly 90% of those liquidations.
Ether and other top cryptocurrencies may face continued selling pressure in the near term. That said, markets will be watching next week’s Federal Open Market Committee meeting closely: a surprise rate cut by the Federal Reserve—its third this year—could provide temporary relief for Ether and the broader crypto market.
Ether could retest the low near $2,600
The ETH/USD daily chart is firmly bearish as Ether has lagged in recent sessions. The coin is down about 5.5% since Sunday and currently trades around $2,840.
If the daily candle for ETH/USD closes below the November 21 low at $2,623, bears could push the price lower in the coming hours or days. The next significant support area sits near the June 22 low around $2,111.
Technical indicators remain tilted toward sellers. The RSI sits near 34, signaling that selling momentum controls the market. The MACD is also at risk of crossing below its signal line, which would reinforce the bearish outlook for Ethereum.
On the flip side, if buyers step in and absorb recent selling pressure, Ether could challenge the downtrend and attempt a move back toward the $3,000 psychological level. Short-term strength would likely depend on improving momentum readings and whether buyers can reclaim key intraday resistances.
In summary, Ether faces downside risk while key technical signals remain negative. Traders should monitor crucial support at $2,623 and $2,111 and watch for any shift in market sentiment ahead of major macroeconomic events that could alter risk appetite.