Crypto Crash: Ethereum Plummets Below $2500, Bitcoin Dips Under $90000

The cryptocurrency market has experienced a significant downturn, with Ethereum's price plummeting below $2,500 and Bitcoin dipping under $90,000. This sharp decline, amounting to over 10% in the past 24 hours, has raised concerns among investors about the market's future trajectory.

Analysts have identified several key factors contributing to this market crash. The long-awaited approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC) remains uncertain, creating investor anxiety and prompting many to hold off on further investments. Additionally, profit-taking from the recent bull market has led to large-scale sell-offs, accelerating the price drop. A $1.4 billion hack on the major exchange Bybit has also shaken market confidence, leading to panic selling as investors rush to secure their funds.

As Bitcoin shows weakness below $90,000, Ethereum is now at risk of further losses. Analysts are closely monitoring key support levels to gauge the extent of the potential decline. The first major support level is $2,200, with a break below this point likely leading to more declines. The psychological level of $2,000 could trigger panic selling, while strong historical support at $1,800 may help stabilize the price. However, a break below this level could spell disaster for Ethereum. In the worst-case scenario, the price could drop to $1,500 if market sentiment worsens.

The uncertainty surrounding the SEC ETF approval, profit-taking, and security concerns has left Ethereum's fate hanging in the balance. If Bitcoin continues its decline, Ethereum could face more downside in the coming days. Investors are advised to closely monitor market developments and exercise caution when making investment decisions during this volatile period.