It is a bloodbath on the crypto market. Ethereum (ETH) is falling particularly hard along with the market’s largest cryptocurrencies, such as ripple (XRP). What are analysts saying about this new drop, and how far can the price possibly fall?
Ethereum (ETH) price plummets
Ethereum is currently worth $2,370 after a significant correction in recent days. The ETH price is down almost 13 percent over the past 24 hours. Since Monday morning, the decline has been more than 17 percent.
The ethereum (ETH) rate over the past 7 days. This clearly shows that ETH suddenly began to fall sharply on Monday.
The downward movement comes at a time when the entire crypto market is showing a strong decline. Bitcoin has fallen below 90,000 dollars, while XRP is down more than 12 percent. The overall market lost about 300 billion dollars in value since Monday, a drop of more than 7 percent in the past 24 hours.
‘Ethereum began to fall after Bybit’s announcement’
According to various crypto analysts, technical price levels play a major role in current market movements.
Daan Crypto, a Dutch crypto-analyst, shares the fact on social media platform X that ETH was unable to break above 2,800 dollars. He points out that the announcement by Bybit, which stated that the ‘gap’ had been filled after a recent hack, coincided with an accelerated drop in the price.
One of the most critical support levels for #Ethereum $ETH now sits at $2,300! pic.twitter.com/8QmbIyXCTG
— Ali (@ali_charts) February 25, 2025
“ETH has not managed to rise above the important level of $2.8K, which has acted as strong resistance in recent weeks. After Bybit announced that they had filled the gap left by the hack, the price began to fall,” says Daan Crypto.
According to the analyst, “the wider range between approximately $2.1K and $2.8K remains the most important level.” He adds: “In any case, I am holding my positions and not doing much at the moment.”
Another analyst, Ali Charts, says that the $2,300 level is extremely important for Ethereum. “One of the most critical support levels for Ethereum (ETH) is now at $2,300!” he writes.
