Ethereum Plunges Below $3K: Bearish Trend Looms, Altcoin Season Delayed

Ethereum Price Crash: Key Levels to Watch & What this Means For Altcoins?

The Ethereum (ETH) price has experienced a significant crash, dropping below key support levels and triggering concerns about a potential bearish trend. The price has fallen below the critical $3,000 support level, reaching around $2,500, marking one of its most severe sell-offs in recent years. This downturn follows Trump's decision to introduce 25% tariffs on Canada, Mexico, and China, sparking broader financial markets uncertainty.

Ethereum's price has dropped below key support zones, including the $2500-$3,000 range. This has triggered concerns over a potential bearish trend as lower highs and lows continue to form. While a daily candle close beneath these levels is still needed to confirm a bearish trend, Ethereum's outlook remains cautious with resistance at higher levels around $3,430 to $3,560.

Ethereum's recent price action has been marked by a massive long liquidation of over $610 million compared to $411 million of Bitcoin. This opportunity was utilized by a whale '7 Siblings' who spent $111.72M and bought 45,047 ETH at an average price of $2,480. This accumulation seems to have offered some momentum for the Ethereum price rally, which has recovered above $2,500. However, bearish clouds continue to hover over the second-largest token as the buying volume has not reached the expected range. Therefore, the price needs to hold above $2,500 and secure levels above $2,800 at the earliest, which may revive a decent upswing.

The latest correction not only caused a huge drop in BTC price but also helped the BTC dominance to spike above the crucial resistance and reach 61.83%. On the other hand, ETH dominance, which had stabilized at around 20%, has plunged to levels close to 10%. On the other hand, ETH/BTC has broken down from a descending parallel channel, flashing bearish waves across for the second-largest token, delaying the Altseason.

After facing massive liquidation among the top 10, the macro-buy signal for Ethereum has just flashed