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Ethereum Plummets 9% Amid Predictions of Further Decline

12/2/2025

32 4 Full Breakdown

Summary

Story summary

Ethereum's price dropped more than 9% in 24 hours to about $2,740, highlighting volatility.
Tom Lee, chairman of BitMine Immersion Technologies, expects a drop to $2,500 as a short-term correction.
BitMine has increased Ethereum holdings to over 3.7 million ETH, signaling institutional confidence.
The Fusaka upgrade is set for December 3 to boost scalability and cut costs, with analysts forecasting a $7,000–$9,000 target by early 2026.

History

Historical Context

Ethereum launched in 2014 with an initial coin offering that raised approximately $18.3 million, marking a significant shift in blockchain fundraising. This event spurred institutional interest and led to a surge in ICOs, despite many later being deemed fraudulent. The volatility seen today, with Ethereum's price around $2,740, echoes the early fluctuations of the cryptocurrency market, highlighting ongoing risks and potential for growth.

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Story summary

Ethereum's price dropped more than 9% in 24 hours to about $2,740, highlighting volatility.
Tom Lee, chairman of BitMine Immersion Technologies, expects a drop to $2,500 as a short-term correction.
BitMine has increased Ethereum holdings to over 3.7 million ETH, signaling institutional confidence.
The Fusaka upgrade is set for December 3 to boost scalability and cut costs, with analysts forecasting a $7,000–$9,000 target by early 2026.

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