Crypto Market Crashes! $2.2B Wiped Out as Ethereum Plunges Below $3K

The crypto market faced a severe downturn over the weekend, wiping out over $2.2 billion in just 24 hours, based on Coinglass data. 

Ethereum (ETH) took the hardest hit, dropping below $3,000 and triggering more than $600 million in liquidations. The decline was fueled by growing global tensions following new trade tariffs introduced by President Trump, leading to panic selling across the market.

Ethereum Faces Heavy Losses Amid Market Sell-Off

Ethereum was at the center of the market downturn, with its price falling to $2,595.05 at press time. This marked a 15.06% drop in the last 24 hours and a 15.10% decline over the past week. 

According to data, over $609 million in Ethereum positions were liquidated, making it the most affected cryptocurrency during the crash. The DeFi sector also experienced a wave of sell-offs, which quickly spread to other major altcoins, including Cardano and Solana.

Market volatility pushed Ethereum’s price as low as $2,100 at one point before recovering slightly. Renowned economist and Bitcoin critic Peter Schiff commented on the situation, stating: 

“Ethereum is crashing. It’s down 20%, trading below $2,500, but an hour ago, it hit $2,100, down about 33% in one night!”

Bitcoin and Altcoins Struggle as Market Cap Declines

The broader crypto market suffered its worst two-day decline in over three years. Bitcoin fell by nearly 7%, trading just above $93,000 at one point. 

Other digital assets followed the downward trend, with XRP, Dogecoin, and Solana all recording double-digit losses. The overall crypto market cap dropped by 7.6% to $3.12 trillion.

The sharp sell-off came amid macroeconomic concerns, with investors moving away from riskier assets. Schiff continued his bearish outlook, stating: 

“Punxsutawney Phil saw his shadow today. That means it’s going to be a long crypto winter.” 

Meanwhile, MicroStrategy Chairman Michael Saylor offered a contrasting view, advising investors: “Never sell your Bitcoin.”

Ethereum Whale Buys the Dip Amid Market Turmoil

Despite the widespread market decline, a large Ethereum investor made a significant purchase, seizing the opportunity to buy at lower prices. 

According to on-chain analytics platform Lookonchain, an Ethereum whale known as “7 Siblings” acquired 5,382 ETH, worth approximately $14.5 million.

The whale’s total purchases amounted to 50,429 ETH, valued at around $126 million within a single day. Lookonchain reported that most of the ETH was bought at an average price of $2,480 per coin. 

Market Outlook and Key Levels to Watch

Crypto analysts are closely watching key support levels for Ethereum. According to Ali, a market analyst, 

“If this is a head-and-shoulders pattern, Ethereum must hold above $2,700 to keep the bullish structure intact and have a chance of reaching $7,000.”

Market participants are also looking at macroeconomic factors, including potential regulatory changes and inflation data, which could influence the next phase of price movements. 

For now, investors remain cautious as uncertainty continues to shape market trends.

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