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.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
The crypto market is moving cautiously today as investors weigh mixed signals from macro trends,…
Is the crypto market preparing for a historic bull run or sliding toward a painful…
The crypto market is waking up again, and the signs are finally pointing in one…
Solana is currently a major focus in the crypto market, thanks to strong institutional interest…
With discounts flying as the crypto market nosedived, “buying the fear” may turn out to…
The crypto market is experiencing another wave of sharp volatility after a rapid correction erased…
