The cryptocurrency market faces a significant crash, underscored by a recent dip below $100,000 for Bitcoin and a drastic fall for Ethereum.

Currently, Ethereum has seen its price plummet below $3,300, marking a notable low for the year, effectively nullifying its gains for 2025.

BREAKING: Ether falls below $3,400 and officially erases all 2025 gains.

ETH is now red on the year. source (Translation: ETH is now red on the year.)

Just a day and a half ago, Ethereum was riding above $3,900 and hints were made about a possible rise past $4,000. However, rapid rejection and a larger market crash brought it down to $3,250, its lowest point in several months.

Ali Martinez suggests a troubling outlook for Ethereum. He noted that failure to reclaim the $4,000 mark could result in drops to $2,400 or even $1,700.

The worst-case scenario: Ethereum $ETH fails to reclaim $4,000, breaks through $3,800 support, and drops to $2,400 or $1,700. source (Translation: The worst-case scenario for ETH.)

As of now, the liquidation resulting from this market turmoil has surpassed $375 million specifically for long positions within a single day, contributing to a total of $1.3 billion wrecked across the board.

Additionally, CoinGlass’s report highlights that over 340,000 traders have faced liquidation, with the largest single position reaching a staggering $48 million on HTX.

In a troubling signal, Bitcoin too has recently dipped below $100,000, prompting analysts to consider it the onset of a bear market. Nonetheless, Bitcoin currently stands marginally above that level at $101,000.