The post Ethereum Price Retests Crucial Support Level As Traders Fear Signal Potential Rebound Amid High Demand  appeared first on Coinpedia Fintech News

Ethereum (ETH) price has fallen to retest a crucial support level of above $3,700. The large-cap altcoin, with a fully diluted valuation of approximately $453 billion, dropped 5% over the past 24 hours to trade at around $3,754 on Thursday during the mid-North American session.

The ETH price drop coincided with Bitcoin (BTC), which retraced 4% to hover about $107.5k at press time. Following the sudden ETH price drop today, more than $218 million was liquidated from the Ethereum leveraged market, with the majority involving long traders.

Is Ethereum Price Ready for New ATH?

Technical Tailwinds Amid Low Bullish Sentiment Signal Market Rebound

From a technical analysis standpoint, the ETH/USD pair has been retesting a crucial support level around $3,700. Since the October 11 crypto crash, the ETH/USD pair has rebounded from this support level three times, thus signaling potential market reversal ahead.

According to market data analysis from Santiment, Ethereum has attracted a significant number of short positions, which historically coincides with market reversal.

Ongoing Capital Rotation from Bitcoin Bolsters Ether’s Bullish Outlook

The possibilities of Ethereum price hitting a new all-time high soon has been bolstered by the notable capital rotation from Bitcoin. Notably, the ETH/BTC pair has signaled a market reversal after years of downtrend.

The notable capital rotation from Bitcoin to Ethereum is also observable through their futures market. According to market data from CME Group, the number of Ethereum futures contract significantly compared to Bitcoin’s.

As such, the ETH/USD pair is well positioned for further upsides in the coming weeks, especially if the bulls hold above $3.7k.

The post Bitcoin Price Drops Below $107k, Crypto Liquidations Tops $1.2B; Is Bull Market Over? appeared first on Coinpedia Fintech News

Bitcoin (BTC) has led the wider crypto market in a correction on Thursday, October 30. BTC price dropped 4% during the past 24 hours to reach a today’s range low of about $106,861 during the mid North American session.

The total crypto market cap dropped 5% during the last 24 hours to hover about $3.6 trillion at press time. The altcoin market was heavily impacted by today’s correction, led by Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and XRP.

Main Reasons Why Crypto Dropped Today

Heavy liquidation of long traders: Impact of a long squeeze

The wider crypto market experienced the impact of a long squeeze on Thursday after a heavy liquidation of long traders. According to market aggregate data from CoinGlass, out of the $1.24 billion liquidated from leveraged crypto trading, around $1.1 billion involved long traders.

Sell-the-news fear after the Fed’s monetary policy change announcement 

The wider crypto market also recorded bearish sentiment on Thursday partially fueled by the sell-the-news impact. On Wednesday, the Federal Reserve initiated its second rate cut of 25 bps to between 3.75% and 4% as investors expected.

Additionally, the Fed announced that its Quantitative Easing (QE) will begin on December 1, 2025. However, the Fed noted that the December policy decision will be impacted by the ongoing government shutdown amid the political impasse in Washington DC.

As such, crypto traders have depicted mid-term fear of further market correction.

What’s Next for the Crypto Bull Market?

The crypto bull market is hanging on by an edge despite the end of tariff wars between the United States and China. From a technical analysis standpoint, BTC price must rebound from the current support level of around $107k to invalidate further correction.

According to market data analysis from Santiment, BTC price tends to record a relief rally every time the crowd shows heightened fear of capitulation.