Crypto Shock: Ethereum Plunges Below $2,450 as Market Volatility Intensifies – Is This a Turning Point?
Crypto continues to dominate headlines as Ethereum (ETH) suffers a sharp drop, testing the crucial $2,400 mark and sending ripples through the entire market.
In the last 24 hours, Ethereum’s price tumbled by nearly 6%, sliding from a peak of $2,634 to lows near $2,408. This steep fall is reflective of increased uncertainty, with significant macro triggers rattling investor sentiment. As of now, ETH is trading at approximately $2,456, demonstrating only a modest rebound after an intense overnight selloff.
Trading volume for ETH has surged—jumping by 64% day-over-day—which signals both panic selling and renewed interest from opportunistic buyers. Yet, the negative momentum persists: Ethereum has lost more than 6% on the week and roughly 7.4% in the past 24 days, raising serious questions about its short-term outlook.
[ Ethereum price chart shows a drop in the past few hours of trading, June 6, 2025 | Source: crypto.news ]
Just last month, optimism had soared around Ethereum as it rallied up to $2,731, mirroring Bitcoin’s surge to new all-time highs. The sharp reversal has stunned traders, particularly as wider crypto market capitalization has plummeted 4%, falling from $4.1 trillion to $3.29 trillion between June 5 and June 6. Bitcoin itself is down 1.2% and hovering around $103,438—a further sign of risk-off sentiment sweeping digital assets learn more about crypto market trends.
The broader correction is being exacerbated by high-profile events in the tech and political worlds. Crypto market watchers point to the recent fallout between Donald Trump and Elon Musk, which intensified volatility and dragged major altcoins down, including Ethereum.
Data shows that Ethereum’s total value locked (TVL) has dropped by 4% to $59.9 billion—although this still outpaces Solana, with $8 billion locked. Meanwhile, Ethereum’s on-chain fees have doubled since the start of June. On June 6 alone, transaction fees reached $2.26 million, leaping 100% from June 1, indicating ongoing network congestion as traders reposition discover staking and DeFi’s impact on ETH fees.
Expert Voices: Vitalik Buterin recently recognized key challenges for Ethereum, noting in a public statement that Bitcoin has an advantage in areas such as coding simplicity, a higher node count, and fewer protocol changes. However, he maintains that Ethereum remains a leader in network security and censorship resistance see why Ethereum’s fundamental strengths matter for long-term growth.
The crypto market’s current landscape underscores a vital lesson for traders: sudden volatility can shake even the most robust blockchain projects. As the space awaits further developments, all eyes are on Ethereum’s next moves and whether this correction is just a blip or the start of a deeper trend.