Ethereum’s price plummeted below the $3,450 threshold, recording a 5.04% loss within a 24-hour period amid a widespread cryptocurrency market downturn. This decline forms part of a broader correction affecting major digital assets across the sector.
The downturn positions Ethereum’s market capitalization near $415 billion, accompanied by trading volumes approximating $18 billion. No public statements addressing the price movement were released by Ethereum’s core development team, including co-founder Vitalik Buterin.
Market analysts attributed the correction to heightened risk aversion among cryptocurrency investors, noting such pullbacks frequently reset bearish sentiment. The volatility could impact Ethereum’s role in decentralized finance ecosystems, particularly concerning total value locked metrics and blockchain activity trajectories.
While providing no project-specific commentary, observers suggest such dips historically create potential entry points and recalibrate market expectations after extended price rallies.