Ethereum Plummets but Harmonic Pattern Hints at Potential Bounce

Ethereum prices have experienced a sharp downturn, plummeting nearly 7% in the last 24 hours and accelerating a 30-day correction that has pushed ETH down over 30%. This sell-off triggered massive liquidations across derivatives markets, totaling $954 million, with over $835 million coming from long side liquidation. The cascading effect wiped out over-leveraged traders and amplified panic-driven selling. However, a potential recovery attempt is hinted at by a developing harmonic pattern on the weekly chart.