Ethereum's price has taken a sharp hit, dropping over 11% as it falls below $3,300 amid significant selloffs by Ethereum whales and the Ethereum Foundation. This has occurred after ETH fell below a critical support level of $3,500, leading to heavy liquidations of long positions.
Analysts are keeping a close eye on the market, expecting the next support level to be around $2,800. The selloff by major holders and organizations has sparked concerns about further price declines, raising questions about market stability for Ethereum in the coming days.
