Ethereum price struggles below $3k as staking demand weakens: Can bulls regain control?

Ethereum has encountered significant resistance in its attempt to break through key price levels, resulting in a 26% decline in November. The cryptocurrency's struggles are compounded by a broader market downturn, with prices falling below critical support levels, raising concerns about a potential bear market.

An Ethereum ICO whale has sold 20,000 ETH, valued at approximately $58 million, amid intensifying selling pressure that has seen Ethereum's price fall below the critical $3,000 level. This decline has raised concerns about a potential prolonged bearish phase for the cryptocurrency, with ETH trading nearly 40% below its August all-time high.

Bitcoin's price briefly surpassed $90,000 on Wednesday, maintaining this breakout amid volatility in the broader cryptocurrency market. This marks a significant recovery from previous lows, showcasing Bitcoin's resilience.

Retail Bitcoin traders are facing significant challenges as the cryptocurrency's volatility disrupts their sleep patterns, highlighting the emotional toll of market fluctuations. Recent data shows Bitcoin's value has plummeted over 35% since early October, causing widespread panic among investors.

Institutional investors have recently shifted their focus from Bitcoin, Ethereum, and Solana to XRP, resulting in significant outflows from the former and inflows into the latter. A CoinShares report highlighted that Bitcoin, Ethereum, and Solana experienced outflows totaling $1.27 billion, $589 million, and $156 million respectively, while XRP saw a notable increase in investments.

Tom Lee, co-founder of Fundstrat, has identified $2,500 as a critical exhaustion point for Ethereum sellers, suggesting that a dip to this level could present a significant buying opportunity. This prediction comes amid a broader market correction that has affected various cryptocurrencies, including Ethereum, which has seen fluctuations in its price recently.

XRP's price remains under pressure, trading at $2.15, which is approximately 40% below its peak this year, indicating a technical bear market. Despite a recent surge in the RLUSD metric by 56%, the cryptocurrency's value has not stabilized, reflecting ongoing volatility in the market.

Corporate Bitcoin treasury holders are facing pressure to sell their assets as market conditions shift, leading to a potential fire sale after months of aggressive accumulation. This trend is driven by a significant decline in Bitcoin's value, which has dropped over 35% since early October, prompting many firms to reconsider their strategies.