Ethereum Price Drops Below $3,000 as Market Sentiment Turns Bearish

Ethereum’s price has fallen below the crucial $3,000 mark in recent days, driven by bearish market trends and increasing institutional sales. The cryptocurrency experienced a 2.49% decline according to data from Binance. This drop marks a significant psychological barrier for investors as Arthur Hayes, former CEO of BitMEX, was linked to significant ETH sales that intensified the downward pressure. While Bitcoin has shown correlation in its price performance, institutional investors continue to sell on Ethereum, contributing to reduced liquidity and weakening market sentiment.