#Ethereum (ETH) Crashes Below $3,000 – Hits $2,575 Amid Market Turmoil

This season, Ethereum reached a high of $4,250 but has now plummeted to nearly $2,100, losing almost half its value. Ethereum ($ETH) is experiencing a significant sell-off, with prices dropping 17.17% in 24 hours to $2,575. ETH struggled after reaching its 24-hour high of $3,124.13, alarming investors.

Key Reasons Behind the Drop:

1. Market-Wide Correction: Widespread panic selling hit the broader cryptocurrency market.

2. Liquidations on Leverage: Overleveraged $ETH positions triggered massive liquidations.

3. Technical Weakness: Ethereum failed to hold key support levels above $3,000.

Key Levels to Watch:

Immediate Support: $2,400

Resistance: $2,800

Is Recovery Possible?

Despite the severe drop, Ethereum's fundamentals remain strong. Ongoing developments in Ethereum 2.0 and growing DeFi and NFT adoption could aid recovery if market conditions improve.