Ethereum (ETH) Price News: 8% Plunge as Ether ETFs Bleed $1.4B, Long-Term Holders Sell

Ethereum (ETH) experienced a significant drop, plunging 8% as it fell below $3,100, recovering from a high of $3,565 just a day earlier. This decline erases gains from the previous week, driven by over $1.4 billion in net outflows from U.S. spot ether ETFs since late October and accelerating sales from long-term holders. The Federal Reserve's hawkish stance further weakened the crypto market, directly correlating with Bitcoin's decline below $100,000. Long-term holder selling reached 45,000 ETH daily, the highest level since 2021, indicating a shift in market sentiment. An analysis showed key technical support at $3,080 and resistance forming at $3,330. Deteriorating metrics were also noted, with monthly active addresses dropping to 8.2 million and significantly reduced transaction fees, suggesting a bearish trend for the Ethereum network.

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