Ethereum price below $3,000: 6% Slump Marks Worst Performance Among Major Cryptos

Ethereum is facing a brutal sell-off. The second-largest cryptocurrency, Ether, has become the worst performer among the top digital assets, plunging more than 6% over the past 24 hours. This rapid descent has forced it to tumble below the critical $3,000 psychological support level, leaving investors scrambling to assess the damage.

Drivers Behind Ethereum Price Below $3,000

According to Reuters, the broader market's cautious tone hasn't hit any asset as hard as it hit Ether. While Bitcoin managed to maintain some stability, ETH's drop signals a lack of immediate buying pressure. Analysts suggest that breaking the $3,000 threshold could trigger further algorithmic selling and margin calls for over-leveraged traders.

Market Divergence and Future Outlook

The divergence between Bitcoin and Ether is widening. Institutional flows seem to be prioritizing BTC, while ETH struggles with network fee competition and a lack of clear catalysts. Market participants are now eyeing the $2,850 area as the next major line of defense for bulls.