Ethereum Plunges Below Critical Support: Is This a Buying Opportunity or the Start of a Deeper Correction?

Ethereum's price just got wrecked—tumbling below a key support level as panic selling grips the market. Here's what's happening beneath the surface.

Blood in the Streets: ETH Breaks Down

The second-largest cryptocurrency sliced through its last line of defense, triggering stop-losses and liquidations across leveraged positions. Traders who thought 'this time it's different' are now scrambling—classic crypto.

What Comes Next?

Technical analysts are watching for either a swift reclaim of the lost level (bullish) or a confirmed breakdown that could open the floodgates to lower prices. Meanwhile, Wall Street 'experts' who called ETH 'overvalued' at $2,000 are suddenly silent now that it's trading lower.

Silver Lining Playbook

History shows these violent shakeouts often create prime entry points—if you've got the stomach for it. Just don't expect your traditional finance friends to understand why you're buying the dip while they're busy losing money on their 1% yielding 'safe' bonds.

TLDR

• Ethereum dropped 10.59% on Friday to trade at $3,114.64, marking its largest single-day loss since October 10
• The decline pushed Ethereum’s market cap down to $387.83 billion, representing 11.63% of the total crypto market
• ETH failed to hold support above $3,350 and fell below key technical levels including the 100-hourly Simple Moving Average
• Over the past week, Ethereum has lost 4.73% of its value with trading volume reaching $49.03 billion in 24 hours
• Ethereum remains 37.15% below its all-time high of $4,955.90 set on August 24

Ethereum experienced a sharp decline on Friday, falling 10.59% to reach $3,114.64 by late evening trading. The drop represents the largest single-day percentage loss for the cryptocurrency since October 10.

The price movement brought Ethereum’s market capitalization down to $387.83 billion. This accounts for 11.63% of the total cryptocurrency market value.

During the 24-hour trading period, ethereum moved within a range between $3,114.64 and $3,251.49. Trading volume for the period reached $49.03 billion, making up 22.43% of total cryptocurrency trading volume.

The decline came after Ethereum failed to maintain support above the $3,500 level. The cryptocurrency then broke through multiple support levels on its way down.

Technical analysis shows Ethereum trading below the $3,350 mark and under its 100-hourly Simple Moving Average. The price dropped below $3,250 before finding temporary support around $3,153.

Weekly Performance and Market Position

Over the past seven days, Ethereum has recorded a loss of 4.73%. During this week-long period, the cryptocurrency traded in a range between $3,114.64 and $3,657.37.

$ETH STILL LOOKS BULLISH AND READY TO BREAKOUT 🚨📈

I get it, there's a lot of fear, panic and high emotions in the market right now.. Many stocks are -40% in just 3 weeks..

When in doubt, zoom out! Here is my favourite $ETH chart which blocks out all the short term noise and… pic.twitter.com/BIuOMSe0dB

— StockTrader_Max (@StockTrader_Max) November 13, 2025

Despite the recent losses, Ethereum maintains its position as the second-largest cryptocurrency by market cap. Bitcoin, the largest cryptocurrency, also experienced declines during the same period, falling 5.09% to trade at $96,962.70.

Technical Levels and Price Action

The cryptocurrency failed to continue its upward movement above $3,550 and entered what traders call a short-term bearish zone. The decline accelerated once ETH broke below the $3,350 support level.

$ETH (Ethereum) is maintaining a setup that hints at a MOVE to new All Time Highs! pic.twitter.com/Xwkdp787cf

— JAVON⚡️MARKS (@JavonTM1) November 13, 2025

A bearish trend line has formed on the hourly chart with resistance positioned at $3,500. For Ethereum to stage a recovery, it WOULD need to break above this level.

The 50% Fibonacci retracement level of the recent decline from $3,561 to $3,153 sits NEAR $3,350. This level now serves as a key resistance point for any potential recovery attempts.

If Ethereum fails to reclaim the $3,350 level, technical analysis suggests initial support exists near $3,200. The first major support zone is located around $3,150.

At current prices, Ethereum trades 37.15% below its all-time high of $4,955.90, which was set on August 24. Tether USDt showed minimal movement during the same period, trading at $1.0005 with a 0.04% loss.