Key takeaways
- ETH has fallen 5.5% and is now trading below $2,900.
- Major altcoins could suffer further losses amid renewed bearish momentum.
The cryptocurrency market has entered another bearish phase following poor performance from Ether and other leading coins in November. Ether briefly recovered last week, touching the psychological $3,000 mark, but those gains have since evaporated.
Ether is trading near $2,800 after a 5.5% decline over the past 24 hours. That drop contributed to more than $140 billion being wiped from the crypto market in the same period, leaving total market capitalization below $3 trillion.
The downturn also triggered more than $500 million in liquidations of leveraged positions within 24 hours, with Binance, Bybit, and Hyperliquid accounting for roughly 90% of those liquidations.
Ether and other top cryptocurrencies may face additional selling pressure in the near term. On the other hand, markets could see temporary relief if the Federal Reserve’s FOMC meeting next week results in a rate cut — a third reduction this year — which would likely support broader crypto prices.
Ether could retest the $2,600 lows
The daily ETH/USD chart looks bearish and momentum has been negative in recent days. Since Sunday, Ether has lost about 5.5% and is trading around the $2,840 area.
A daily close below the November 21 low of $2,623 would increase the likelihood that bears push prices lower in the coming hours or days. The next major support sits near the June 22 low at roughly $2,111.
Technical indicators remain tilted to the downside. The RSI at about 34 suggests sellers are in control, while the MACD is approaching a potential bearish cross beneath its signal line, reinforcing the negative outlook for Ethereum.
That said, a recovery by buyers could quickly change the short-term narrative. If bulls regain footing after the recent sell-off, Ether could challenge the downward trend and attempt to reclaim the $3,000 psychological level.