Ethereum Plunges 9% to $3,192, Eyes $3,000 Support
On Nov 5, 2025, Ethereum’s price plunged nearly 9% on OKX from above $3,300 to $3,192, marking one of its steepest daily declines in weeks. The sell-off highlighted renewed bearish momentum across the crypto market and prompted traders to eye the next support level near $3,000. Market participants should monitor on-chain indicators, short-term moving averages, trading volume and option open interest, as well as Bitcoin price action, macroeconomic data releases and upcoming Ethereum network upgrades for signs of stabilization or further downside risk.
Bearish
The near-9% single-day drop underscores intensified bearish sentiment for Ethereum, driving the price down toward critical support at $3,000. In the short term, heightened volatility and negative momentum may prompt traders to adopt cautious or defensive positions. Key indicators—on-chain metrics, moving averages, trading volume, option open interest and Bitcoin’s price action—will be crucial for gauging stability. Over the longer term, upcoming macroeconomic events and scheduled Ethereum network upgrades could act as recovery catalysts, but current momentum remains firmly on the downside.