After the sharp fluctuations of the previous two days, Ethereum failed to hold the key psychological level today. According to multiple market data sources, the ETH price fell below $3,000 intraday, hitting a low of $2,982, with a 24-hour decline of over 4%. This drop occurred in tandem with Bitcoin falling below $89,000, which dragged down the overall crypto market capitalization.

Market sentiment has deteriorated sharply. Data shows that today the Crypto Fear & Greed Index has dropped to 23, with the status shifting from "Fear" to "Extreme Fear." Analysts believe that widespread negative sentiment, concerns about Federal Reserve policy, and investors selling off risk assets are the main driving factors. The total amount of liquidations across the network in the past 24 hours reached $418 million, with long positions suffering a severe wipeout.