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

Ethereum's price fell 8%, dropping below $3,100 amid a wider crypto selloff as long-term holders began selling. The decline saw ETH plummet from $3,565 on Thursday to a low of $3,060 by early Friday, wiping out the week's prior gains. Contributing factors included over $1.4 billion in outflows from U.S. spot ether ETFs since late October, along with a significant drop in monthly active addresses and transaction fees, which fell by 42%. The Federal Reserve's hawkish stance on interest rates also exacerbated the situation, leading many holders to exit the market at the fastest pace since 2021. Technically, ETH has breached essential support levels, creating a bearish trend that could push the price down further, with primary support levels hovering around $3,080 and $3,050, and a more significant resistance around $3,330.

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