Ethereum Plunges 8% as Price Falls Below Critical $3,200 Support Level

Latest ETH price drop fueled by broad crypto market decline and profit-taking after recent highs

  • ETH price declined 8% on January 13, marking significant market pressure.
  • The cryptocurrency fell below its $3,200 weekly support level.
  • Current price represents the lowest value since November 21, 2024.
  • Early Asian trading session showed initial weakness signals.
  • Market analysis indicates increased selling pressure following support breach.

Ethereum Faces Sharp Decline as Price Breaks Below Critical Support Level

Ethereum (ETH) experienced an 8% price drop on January 13, breaking below the critical $3,200 support level and reaching its lowest point in nearly two months. The second-largest cryptocurrency by market capitalization showed vulnerability during Asian trading hours, triggering increased selling activity.

- Advertisement -

Technical Analysis Breakdown

The price action revealed a deviation pattern after briefly testing the previous day’s high, indicating weakening buyer momentum. Market data shows that the breakdown below $3,200 represents a significant technical damage to ETH’s upward trajectory established since late 2023.

Historical Context

This price movement marks the most substantial single-day decline for Ethereum in 2024. The last time ETH traded at these levels was during the November 21 session, when the cryptocurrency was amid its year-end rally phase.

Market Implications

The breach of the $3,200 support level, which had previously acted as a stable price floor since December 2023, suggests a potential shift in market sentiment. Technical analysts point to increased selling volume during the breakdown, indicating sustained bearish pressure.

Trading data indicates that institutional investors have adjusted their positions following this technical breakdown, with derivatives markets showing an uptick in short positions. This market behavior typically precedes extended price consolidation periods in cryptocurrency markets.

[Editor’s note: Technical analysis and price predictions are not financial advice. Investors should conduct their own research and consider their risk tolerance before making investment decisions.]

✅ Follow BITNEWSBOT on Facebook, LinkedIn, X.com, and Google News for instant updates.

- Advertisement -

Consider a small donation to support our journalism

Previous Articles:

- Advertisement -

Latest News

DEA Seizes $10M in Sinaloa Cartel Crypto During Florida Drug Raids

Authorities seized over $10 million in cryptocurrency from the Sinaloa cartel in Florida during...

Hong Kong Unveils LEAP Framework, Sets Global Crypto Rulebook

Hong Kong announced the LEAP framework on June 26 to regulate stablecoins and tokenized...

BNB Chain Plans 5,000 DEX Swaps/Sec in Major 2025-2026 Upgrade

BNB Chain will upgrade its infrastructure in the second half of 2025 to process...

Google Chrome Patches Zero-Day GPU Bug Exploited in the Wild

Google released patches for six security flaws in Chrome, including one critical zero-day vulnerability...

Citigroup Set to Launch Citi Stablecoin, Eyes Crypto Custody Next

Citigroup plans to introduce a Citi stablecoin to support tokenized finance projects.CEO Jane Fraser...

Must Read

Top Best Metaverse Worlds To Buy Land

The metaverse has grown in our everyday conversation since Facebook announced its rebranding in October 2021 to META. The metaverse is a virtual world,...