Ethereum falls under $3,000 as bears gain more territory – The crypto market is in trouble

Ethereum just can’t catch a break. The top altcoin nosedived below $3,000, slicing through this key psychological level like butter. It’s down 8%, leaving $100 million worth of realized losses in its wake.

Panic selling is in full swing, and all eyes are now on the $2,817 support level. If that cracks, Ethereum could be headed for even darker days.

Coinglass data shows $182 million in Ethereum futures liquidations in the last 24 hours. Long traders got absolutely wrecked, accounting for $152.5 million of those liquidations. Shorts weren’t entirely safe either, with $29.84 million wiped out.

Add to that the 30-day Market Value to Realized Value (MVRV) Ratio dipping below -10%, and there’s a faint signal of a potential price rebound. Historically, MVRV levels this low have been where ETH found its footing. But this market doesn’t do optimism well, at least not right now.

Ethereum ETFs are bleeding, and investors aren’t happy

The carnage isn’t limited to direct ETH trading. U.S. Ethereum exchange-traded funds (ETFs) had a brutal week, recording their largest outflows since July. Over $186 million poured out in a clear sign that even institutional players are losing their nerve. BlackRock stood alone, pulling in $124.1 million in net inflows, but that’s just one bright spot in a very dark landscape.

The Network Realized Profit/Loss metric adds another layer of misery. Investors cashed out $100 million in losses in just 24 hours. That’s a lot of red for one day. Yet, oddly enough, the Mean Coin Age metric—tracking how long ETH sits in wallets—has been creeping up.

What does that mean? Some brave souls are buying the dip, hoping for a bounce. But whether that’s genius or folly will depend on what happens next.

ETH’s technical patterns are adding fuel to the bearish fire. A rounding top and double-top were completed before the token plummeted below $3,000. The $2,817 support level, which held strong between April and July, is now the market’s last hope. If it fails, Ethereum could plunge further into uncharted waters.

Bitcoin drags down crypto and tech stocks

Ethereum isn’t the only one bleeding out here. Bitcoin, the big brother of crypto, briefly slipped under $90,000 before clawing back to $92,177.79. That’s a 9% drop for the week. And Bitcoin even touched $89,259 at one point. The crypto market as a whole is on shaky ground.

Tech stocks linked to crypto are also in trouble. Coinbase shares dropped 4%. MicroStrategy, which holds a mountain of Bitcoin, fell 3%. Mining firms weren’t spared either—Mara Holdings slid 6%, and Core Scientific lost 4%.

The sell-off is part of a broader market reaction to stronger-than-expected payroll numbers that pushed bond yields higher. Add President Donald Trump’s tariff plans into the mix, and the dollar has gained strength, putting even more pressure on risk assets like crypto.

Coming into 2025, crypto enthusiasts were pumped. A pro-crypto Congress and White House sounded like a dream. That hype overshadowed any concerns about macroeconomic hiccups. But last week’s events have changed the narrative.

Investors are bracing for a rocky first quarter as market turbulence shows no signs of easing. Bitcoin’s stellar 120% gain in 2024 feels like a distant memory now.