BAF NEWS

November 18: Ethereum Plunges Below $2,900

Here’s what changed and why it matters. On November 18, ether slid to roughly $2,893 and was down about 8–9% in 24 hours. That drop aligned with a sweeping retreat across major tokens.

• ETH price at publication: about $2,893, per CoinDesk’s market panel.
• 24-hour move: approximately -8.7%.
• Market backdrop: broad crypto selloff with major coins lower.

The upshot: downside momentum accelerated into the U.S. trading day. Yet liquidity pockets produced quick rebounds between headlines. Still, sentiment stayed fragile as losses mounted.

ETH Breaches $3,000: Intraday Lows and Recovery

During the slide, ETH fell under the $3,000 mark for the first time in months. Several outlets tracked an intraday low near $2,955. Subsequently, prices recovered slightly toward the $2,980 area by late session.

Zoom in: The Economic Times noted a “recovered slightly to $2,983 after hitting an intraday low of $2,955.” Business Insider similarly flagged that “Ethereum… dipped below $3,000 for the first time in five months.” Both updates underscored quick, but limited, stabilization.

However, the recovery lacked follow-through. Therefore, traders remained cautious into the close. And order books continued to thin on small rallies.

Broader Market Volatility and Bitcoin’s Role

The rout did not spare bitcoin. Reuters, AP, and Bloomberg reported BTC temporarily broke below $90,000 before rebounding. That move worsened risk sentiment across digital assets.

• BTC briefly fell below $90,000 on November 18.
• Around $1.2 trillion in crypto market value vanished over six weeks, Reuters reported.
• Equities and AI-linked stocks also wobbled alongside crypto, according to AP.

As a result, cross-asset volatility stayed elevated. Moreover, investors cited macro uncertainty and ETF outflows pressuring the space, per Business Insider. Still, intraday bounces suggested some dip-buying, even as conviction looked thin.

Preceding Weakness: Declines Before November 18

Importantly, the selloff followed several days of soft trading. On November 16, CoinDesk reported ETH had already slipped below $3,100. The token was down about 3.4% over 24 hours by late evening UTC.

This context matters. Because weakness before November 18 implied fading bid strength into the break. Consequently, the $3,000 breach unfolded amid mounting downside pressure.

Aftermath: Persistent Pressure on November 19

After the initial shock, prices remained heavy. On November 19, Forbes noted ether hovered near $3,000 as declines extended. Bitcoin circled the $91,000 area, with altcoins under pressure.

The upshot: sellers still controlled the tape into midweek. However, sharp intraday reversals remained possible given thin liquidity and headline sensitivity. Therefore, risk management dominated positioning discussions.

What’s next

• Key levels: $3,000 for ETH as a psychological pivot, $90,000 for BTC as a sentiment gauge.
• Catalysts to watch: macro data, ETF flows, and any regulatory headlines.
• Positioning: according to available reports, leverage appears quick to unwind on downside breaks.

By the numbers: medium-term context

• Reuters estimated ether has shed nearly 40% from an August peak above $4,955.
• Bloomberg and AP framed the drawdown as part of a month-long slide and broader cross-asset unease.

The upshot: until volatility compresses and flows stabilize, rallies may be sold. But if macro conditions ease and ETF outflows slow, risk appetite could return. For now, traders are watching $3,000 on ETH and cross-market cues in BTC.