ETH (Ethereum) has fallen by 7.13% in the last 24 hours, with a market capitalization evaporating by over 26 billion dollars in a single day.

Gate News Bot news, on November 21, according to CoinMarketCap data, as of the time of writing, ETH (Ethereum) is currently priced at $2824.87, down 7.13% in the last 24 hours, with a highest of $3252.66 and a lowest of $2780.51 in this period, and a trading volume of $4.434 billion in the last 24 hours. The current market capitalization is approximately $340.95 billion, a decrease of about $26.167 billion from yesterday.

Important recent news about ETH:

1️⃣ Market sentiment turns cautious, ETH price faces downward pressure The price of ETH fell below the $2800 mark on November 21, dropping over 7% within 24 hours. Market analysis suggests that this decline is primarily due to the weak performance of the U.S. stock market, which has placed overall pressure on the cryptocurrency market. At the same time, large-scale selling of spot ETH ETFs by retail investors has intensified the selling pressure, with approximately $4 billion worth of ETF shares being sold.

2️⃣ Institutional investor behavior is diverging, with some large institutions still increasing their holdings Despite the overall market showing a falling trend, some large institutions are still actively increasing their holdings of ETH. Bitmine, under Tom Lee, has newly purchased 17,242 ETH, worth approximately 44.46 million dollars, bringing its total ETH holdings to 3.62 million ETH, with a total value of 1.04 billion dollars. Additionally, another whale address has purchased 57,000 ETH, bringing its cumulative holdings to 432,700 ETH. This indicates that some long-term investors remain optimistic about the future development of ETH.

3️⃣ The technical aspect faces a critical support level test, with $2800 potentially becoming an important line of defense CryptoQuant analysts point out that the $2800 area could become an important support level for ETH, as this area highly overlaps with the realized prices of both retail investors and whales. Currently, on-chain data shows that retail investors are continuously selling, while large holders (holding over 10,000 ETH) are consistently accumulating, indicating that supply is concentrating towards long-term holders. If the $2800 support can be maintained, it may trigger a short squeeze, driving a short-term rebound.

This message is not intended as investment advice; investors should be aware of market volatility risks.