The crypto market crash continues in full force, led by BTC ($100,339.00)’s brief dip below $100,000 for the first time since June and ETH ($3,215.24)’s massive nosedive.

In fact, the second-largest cryptocurrency has now turned negative for the year as it dropped below $3,300 to mark a new multi-month low.

BREAKING: Ether falls below $3,400 and officially erases all 2025 gains.

ETH is now red on the year. pic.twitter.com/kwnlQ3a0gF

— The Kobeissi Letter (@KobeissiLetter) November 4, 2025

It was just 36 hours ago when ETH stood above $3,900 and analysts were speculating whether it had the potential to break past $4,000 once again. However, the subsequent rejection and the broader market’s crash resulted in a massive nosedive to $3,250.

This became Ethereum’s lowest price point since mid-July. Moreover, the asset is now deep in the red on a YTD basis.

Ali Martinez outlined what he believes is ETH’s worst-case scenario for the foreseeable future. He noted that if the asset fails to reclaim $4,000, which seems like a distant dream as of press time, it could further drop to $2,400 and even $1,700.

The worst-case scenario: Ethereum $ETH fails to reclaim $4,000, breaks through $3,800 support, and drops to $2,400 or $1,700. pic.twitter.com/oKK5VbVRd0

— Ali (@ali_charts) November 4, 2025

ETH’s plunge has resulted in more than $375 million in longs liquidated on a 24-hour scale. The total wrecked positions for all cryptocurrencies have skyrocketed to $1.3 billion, with $1.1 billion being from longs.

CoinGlass data shows that more than 340,000 over-leveraged traders have been liquidated, with the single-largest position taking place on HTX ($0.00). It was worth a whopping $48 million.

Bitcoin dipped below $100,000 minutes ago as well, which prompted analysts to call it the beginning of the bear market. So far, though, the asset has managed to defend that level and stands inches above $101,000.

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