Ethereum (ETH) price is en route to recording its worst weekly performance since April 2025. The large-cap altcoin dropped over 11% on Tuesday to reach a daily range low of about $3,060 before rebounding to trade around $3,206 at press time.
The Ether price dump impacted the wider altcoin market, which registered heavy losses. As such, $2 billion was rekt from the leveraged crypto market, with over $1.63 billion involving long traders.
The crypto market recorded heavy losses on Tuesday amid macroeconomic fears. Notably, the U.S. stock market lost over $700 billion in valuation on Tuesday, while the wider crypto market shed over $300 billion.
As the Bitcoin price dropped below $100k for the first time since June, the Ethereum price followed in tandem. However, the crypto market drawback was followed by a quick recovery, fueled by the buy-the-dip narrative.
The ETH/USD pair dropped on Tuesday largely due to heavy liquidation of long traders. According to market data from CoinGlass, more than $655 million was rekt from the leveraged ETH market, with over $576 million involving long traders.
As such, the impact of a long squeeze was exaggerated, resulting in the notable ETH price selloff on Tuesday.
Following the notable ETH price selloff, Kalshi traders believe that there is an 82% chance that the ETH price will drop below $3k in 2025.
Source: X
However, market analyst Danny Marques believes that the ETH/USD pair is on the cusp of a bullish rebound towards a new all-time high in the coming weeks.
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