Cryptocurrency market capitalization fell to $2.6 trillion

The cryptocurrency market capitalization has dropped to its lowest level since early November, losing $240 billion in the past 24 hours.

The overall decline amounted to 6%, bringing the market down to $2.6 trillion, as all gains following the U.S. elections were erased.

Ethereum suffered the most significant losses, plunging 16% in 12 hours — its price dropped from $2,140 to just below $1,800. Despite this, ETH is attempting a recovery and was trading at $1,920 at the time of writing.

The last time Ethereum traded below $1,800 was in October 2023, when the asset was slowly emerging from a two-year bear market.

At current levels, there is strong support that must hold to prevent further declines to bear market lows. The chart shows a formation resembling a double top, which could indicate further downside movement.

Analysts warn that if the support level is lost, ETH could drop to $1,200.

Currently, Ethereum has lost 62% from its all-time high in 2021, while the ETH/BTC ratio has fallen to its lowest level since December 2020, reaching 0.023, according to TradingView data.