The price of Bitcoin has dropped below $93,000, while Ethereum's price has fallen by nearly 5% to trade at around $3,315. This has led to over $95 million being liquidated from Ether's leveraged market, predominantly affecting long traders. Despite competition from other chains such as Solana and Tron, Ethereum's on-chain activities have increased, with its USDT sippy surpassing Tron's for the first time this year. Ethereum also has a stablecoin market cap of over $100 billion, with Tether USDT being the dominant player. Ether whales have shown mixed reactions, with some anticipating a bullish breakout, and others making large deposits to exchanges. Analysts predict that Ether's price may rebound to $3,560, but if it consistently closes below the support level of $3,257, it could potentially drop to the next major support level above $3,028 before rallying towards $4,000.



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