Cryptocurrencies experienced a dramatic market correction today, with Ethereum (ETH) taking center stage as it plummeted by over 11% since its record-breaking high of just a day ago. The sudden decline follows an initial surge fueled by positive comments from Fed Chair Jerome Powell regarding future interest rate cuts. The asset surged to $4,900 before retracting sharply, with ETH now trading below $4,400. 🤯 This drop comes as the broader cryptocurrency market suffers heavy losses following a recent correction. Bitcoin (BTC) also experienced a significant downturn and suffered liquidation of over $300 million in longs within an hour. The price has since fallen to near $110,000. Notably, while large-scale buying from whales and corporations has been observed, the sudden decline presents a potential enigma. 🔎 This was underscored by a massive purchase reported by Arkham Intelligence, with whale activity now raising questions about the future direction of ETH prices. The market witnessed continued liquidation activity with over $285 million in longs liquidated across various exchanges. With almost 180,000 traders being wiped out in the past day, Binance holds a prominent position as the platform for the most significant losses. 📈 It remains to be seen if this correction marks a new downward trend or a temporary pullback in the ongoing bull run.