Ethereum Price Drops 13% in Weekly Plunge

Ethereum's price plunged more than 13 percent over the past week, reaching a low of 3,055 on Tuesday and erasing gains from earlier in the year, as sellers dominated trading amid heightened volatility in the cryptocurrency market.

The second-largest cryptocurrency by market capitalization fell from recent highs near 4,165, completing a roughly 20 percent correction that aligned with historical triangle patterns observed in prior cycles. Trading data showed ether breaking below the key 3,400 support level on November 6, with a sharp decline to around 3,331 in the preceding 24 hours. Volume surged during the drop, peaking at levels 45 percent above the daily average, as large-scale selling overwhelmed buyers and confirmed bearish control. By Wednesday, ether traded around 3,290, reflecting a 4.8 percent daily loss and an 11 percent weekly decline, according to market trackers.

The downturn liquidated over 1.3 billion dollars in long positions across exchanges, with Binance alone seeing 39 million dollars in such liquidations, the highest since October 10. This reset the derivatives market, creating an imbalance favoring short positions and clearing liquidity around the 3,400...