Key points
- ETH is down about 5.5% and is now trading below $2,900.
- Major altcoins could suffer further losses as bearish momentum returns.
The cryptocurrency market has entered a new bearish phase after weak performances from Ether and several large-cap tokens in November. Ether briefly rallied last week and reached the psychological $3,000 level, but those gains have since been wiped out.
Ether is now trading around $2,800 after falling roughly 5.5% over the past 24 hours. The drop erased more than $140 billion in crypto market value during that period, leaving total market capitalization below $3 trillion.
The downturn also triggered over $500 million in liquidations of leveraged positions in the past 24 hours, with Binance, Bybit and Hyperliquid accounting for approximately 90% of those liquidations.
Short-term selling pressure may continue for Ether and other large-cap coins. That said, the Federal Reserve’s upcoming FOMC meeting next week could provide temporary relief if policymakers signal or implement a rate cut, which would likely support risk assets including major cryptocurrencies.
Ether may retest the $2,600 low
The daily ETH/USD chart shows a clear bearish bias as Ether has underperformed in recent sessions. The token has lost 5.5% since Sunday and is trading near the $2,840 region.
If the daily candle closes below the November 21 low at $2,623, sellers could push the price lower in the coming hours or days. The next significant support is near the June 22 low around $2,111.
Technical indicators remain tilted to the downside. The RSI sits near 34, indicating sellers are in control, and the MACD is close to crossing below its signal line, which would reinforce a bearish outlook for Ethereum.
On the other hand, a recovery by buyers could challenge the downtrend. If bulls regain momentum, Ether could attempt to reclaim the psychological $3,000 level and stabilize the market.