Ethereum Price Plunge: Decoding the Crash & Where ETH Goes From Here

Ethereum just got rug-pulled by its own hype cycle. Again.

The second-largest blockchain’s native token is bleeding out—down 22% in 48 hours—as leveraged longs get liquidated and ‘smart money’ rotates into shiny new AI tokens. Classic crypto.

Why ETH is getting wrecked

Blame the usual suspects: Macro fears, overextended derivatives, and that one whale who dumped 50,000 ETH on Binance. Layer 2 adoption metrics? Fee burns? Nobody cares when BTC dominance spikes.

Where ETH heads next

The $2,800 support level held… barely. If that breaks, we’re testing the 200-day MA at $2,450. Bulls need a weekly close above $3,150 to stop the bleeding. Meanwhile, TradFi analysts will smugly remind you they ‘called the top’—ignoring their 37 previous wrong predictions.

Silver lining? The merge upgrade still slashes issuance by 90%. And when the Fed inevitably pivots, ETH will be first in line for the liquidity firehose. Until then—welcome to crypto winter’s encore.

Ethereum Price Action And ETH’s Next Targets

In an X post, Marcus Corvinus said that a hidden bullish power is brewing for the ethereum price. The analyst further remarked that ETH is playing a smarter game than Bitcoin right now. While BTC has made lower lows, Corvinus claimed that ETH has held strong with higher lows. The analyst declared that this is not just price action but strength under pressure. 

The crypto analyst then highlighted what is unfolding for the Ethereum price. He noted that bearish volume has been fading since last month, which indicates that weak hands are drying out. Furthermore, Corvinus revealed that the Hidden Bullish Divergence RSI made a lower low while the price made a higher low. The analyst declared that this is a classic signal of a strong continuation setup. 

Meanwhile, Corvinus stated that the Relative Strength Index (RSI) is oversold, but still, the Ethereum price managed to hold above July’s support on two retests. The analyst believes that this isn’t a coincidence, which is why he is confident that ETH will still rally higher. He explained that ETH isn’t reversing but consolidating at the top, a pattern which often ends in a breakout to the upside. 

In line with this, the crypto analyst declared that the Ethereum price crash is not the end of the move but simply the calm before the next storm. He added that eyes on ETH continuation look inevitable and that his target of between $7,000 and $8,000 this cycle is still on track. According to Corvinus, the breakout isn’t a question of if but a question of when. 

ETH To At Least Retest $3,000 Before Next Leg Up 

In an X post, BitMEX co-founder Arthur Hayes suggested that the Ethereum price might still crash to the psychological $3,000 level before the next leg up. The crypto founder alluded to the TRUMP tariffs and weak US job data as the reason for this conviction. 

Hayes also remarked that no major economy is creating enough credit fast enough to boost nominal GDP. As such, he doesn’t see where liquidity will come from to spark a rally for the Ethereum price or other crypto prices. The BitMEX co-founder also expects the Bitcoin price to retest the psychological $100,000 level.

At the time of writing, the Ethereum price is trading just below the $3,500 level, down almost 5% in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Unsplash, chart from TradingView