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

Ethereum (ETH) experienced a significant price drop, plummeting 8% to below $3,100 amid a broader crypto selloff. The decline was fueled by over $1.4 billion in net outflows from U.S. spot ether ETFs, coupled with heightened selling from long-term holders, which is at its fastest pace since 2021. As the price fell from $3,565 to $3,060 between Thursday and Friday, active addresses on the Ethereum network dropped to 8.2 million, which is down from over 9 million in September. Additionally, transaction fees have decreased significantly by 42% to just $27 million. Following the Federal Reserve's hawkish stance on interest rates, market liquidity has been impacted, contributing to the recent bearish trend in the crypto market. Key technical indicators show primary support levels at $3,080 and resistance at $3,330, signaling a continuation of downward pressure unless key resistances are reclaimed.

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