Analysis: Why did ETH and the crypto market turn red?

Source: CritpoTendencia Original Title: Analysis: Why have ETH and the cryptocurrency market turned red? Original Link: As of the time of writing, the price of ETH is trading at $3,110, with daily losses of 1.2%, weekly losses of 10.5%, and monthly losses of 21.7%. The cryptocurrency market in general shows a similar trend, with most crypto assets down today.

What is behind the great fall of ETH?

In the last six weeks, the cryptocurrency market has lost more than one trillion dollars in total capitalization, with BTC falling to its lowest level in six months. ETH simply follows that general movement of the sector.

At the same time, the bearish pressure arises from macroeconomic factors: expectations regarding the Federal Reserve's policy have changed again and interest rate cuts are no longer anticipated. As a result, risk markets - including cryptocurrencies - are falling sharply.

In this context, the Crypto Fear and Greed Index currently marks Extreme Fear, while the total market capitalization has retreated to $3.1-$3.2 trillion. The configured landscape is not conducive to a rise in ETH or in the cryptocurrency market in general. Even the possibility of stabilization is limited.

Analysis of ETH charts: key levels to watch

ETH is maintaining a medium-term bearish trend and recently broke a support level that had been holding for weeks. As a result, it fell below $3,000.

Resistance levels to consider:

• $3.145: first resistance to overcome, in the area of the EMA 200.
• $3,300: intermediate resistance; it's not the strongest line, but it is a relevant psychological level.
• $3.564: the strongest resistance, corresponding to the maximum of November 13.

Support levels to consider:

• $2.946: immediate support, which coincides with the day's low.
• $2.863: intermediate level; it is not the firmest, but it tends to attract buyer interest.
• $2.755: stronger support, with a marked presence of bullish orders.

The RSI at 65 points indicates that the price of ETH is attempting a bounce, but in this context, it is complicated. There is no clarity on the upcoming movements, so it is advisable to stick to the supports and resistances.

Important data to keep in mind

On November 18, 2025, according to the X OnchainLens user, wallets associated with BlackRock sent 64,707 ETH ( valued at $198.7 million ) and 3.064 BTC ( million $280 to a certain exchange platform.

BitMine Immersion recently acquired nearly ) million in ETH, in stark contrast to the withdrawals of other market participants.

According to CoinGecko, the nearly 18,000 tokens it tracks have lost about 25% of their average value since last month's peak, which amounts to a drop of around $1.1 trillion in total market capitalization.

Last week, wallets holding between 1,000 and 10,000 ETH reduced their holdings by about 230,000 tokens, according to data from analyst Ali Martinez. The total in this range decreased from 14.4 million ETH to 14.17 million.

Large investors sold 230,000 ETH last week, reflecting significant selling pressure in the market.