Ethereum News Today: Major Crypto Market Corrects as Bitcoin Falls Over 2% and Ethereum Drops Nearly 5%

The cryptocurrency market experienced significant volatility on August 18, 2025, as major coins faced sharp corrections amid increased selling pressure. Bitcoin (BTC) opened the day at $118,000 but quickly lost momentum, hitting an intraday low of $115,179 before recovering slightly to $115,528, still down over 2%. Ethereum (ETH) saw an even steeper decline, dropping nearly 5% to trade at $4,261 after briefly crossing $4,500 over the weekend. Solana (SOL) also declined, down nearly 6% to $181, while Filecoin (FIL) lost close to 5%, trading at $2.43. Chainlink (LINK) was the only major asset to buck the trend, rising nearly 2% to $24.50 [1].

The bearish trend was driven by broader market sentiment, with analysts noting that Bitcoin had spent six weeks in a price discovery phase and was nearing a potential correction. According to Rekt Capital, historical patterns suggest that the 7th week of Bitcoin’s current uptrend could signal a substantial pullback if new highs fail to materialize. The analyst pointed to previous cycles where corrections began between the 6th and 8th weeks, noting that two such corrections occurred in 2013 and 2025. Daan Crypto echoed this view, suggesting that a sharp dip in late August or early September could act as a precursor to a strong Q4 rally [1].

Ethereum faced additional selling pressure due to the growing queue of unstaked ETH tokens, currently totaling 855,158 ETH, or around $3.7 billion in value. Bitwise senior investment strategist Juan Leon warned that as staked ETH is withdrawn, discounts on related tokens could trigger risk adjustments and forced selling. This dynamic has contributed to ETH’s recent pullback, as the altcoin dropped below $4,500 and settled near $4,296 [1].

Solana continued to struggle with volatility, failing to maintain a position above $200. Despite a strong rebound over the weekend, SOL is now down more than 5% in the current session as traders remain cautious [1]. Filecoin mirrored this trend, fluctuating between $2.50 and $2.72 before settling at $2.43, with analysts noting ongoing pressure from short-term traders and broader market uncertainty [1].

Chainlink, however, showed relative resilience, posting gains of nearly 2% to $24.50. The altcoin had experienced a strong weekend rally, rising over 13% on Sunday, but is now facing a pullback in the current session. Despite this, its performance contrasts with the broader market decline, suggesting potential strength in the token’s fundamentals [1].

The broader crypto ecosystem also saw developments in regulatory and security spheres. Thailand announced plans for a nationwide crypto payment sandbox for tourists, allowing them to convert digital assets into fiat currency via regulated e-money providers. This initiative aims to stimulate tourism and integrate crypto into the mainstream economy, though full implementation details remain pending [1].

On the security front, Kraken suspended Monero (XMR) deposits after a 51% attack compromised the network’s integrity. The exchange cited concerns over double-spending and transaction reordering, as mining pool Qubic claimed control of over 50% of Monero’s hashing power. The incident has raised concerns about the long-term viability of privacy-focused blockchains and prompted discussions on network decentralization [1].

Looking ahead, market participants remain cautious but not entirely pessimistic. Canary Capital CEO Steven McClurg suggested that Bitcoin could still reach between $140,000 and $150,000 before the end of the year, citing the potential for a final surge before the next bear market. Meanwhile, Galaxy Digital’s Mike Novogratz warned that a $1 million Bitcoin price would likely reflect deep economic instability in the U.S., emphasizing the role of crypto as an alternative store of value in times of fiat devaluation [1].

Source: [1] Crypto Price Analysis 8-18: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, CHAINLINK: LINK, FILECOIN: FIL (https://cryptodaily.co.uk/2025/08/crypto-price-analysis-8-18-bitcoin-btc-ethereum-eth-solana-sol-chainlink-link-filecoin-fil)